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jesusrendon
Level 2

Hi, I have 2 accounts, one in USD and one in CAD. I transfer in my bank from USD to CAD and then in QBO I do a Transfer, however only the USD transaction is matched, why?

 
10 Comments
JamesM
QuickBooks Team

Hi, I have 2 accounts, one in USD and one in CAD. I transfer in my bank from USD to CAD and then in QBO I do a Transfer, however only the USD transaction is matched, why?

Hi there, 

 

It's important you're able to match your transactions and I'll be happy to point you towards the right direction. 

 

As you know, matching means QuickBooks matched the downloaded transaction with one you already entered. This links the two so there aren't any duplicates. All you have to do is make sure the match is correct.

  1.     Select the transaction to expand the view. 
  2.     Review the “Records found.” These transactions are ones you already entered in QuickBooks.
  3.     Select the link next to each record to get more details.
  4.     Review the “Deposit to” field on the forms. Your transaction in QuickBooks is already in the account listed.
  5.     When you’re done, select Match.    

If you're still having issues with this, I encourage you to contact our support team using the details below:

  • Phone: 1-833-317-2226 from Monday to Friday from 9 a.m. to 8 p.m. ET or Saturday from 9 a.m. to 6 p.m. ET
  • Schedule a Callback: click (?)Help in the upper right > click Contact Us > explain your situation > click Let's Talk > choose Get a callback
  • Social Media: Facebook and Twitter from Monday to Friday between 9 a.m. and 8 p.m. ET
  • Chat: click (?)Help in the upper right > click Contact Us > explain your situation > click Let's Talk > choose Start a Chat

 Let me know if you have other questions. I'd be happy to help. :) 

jesusrendon
Level 2

Hi, I have 2 accounts, one in USD and one in CAD. I transfer in my bank from USD to CAD and then in QBO I do a Transfer, however only the USD transaction is matched, why?

Hi

 

I just hanged up with the support person. The issue was not fixed. He suggested me to un-reconcile and try again, something that will make me spend money with my ad-hoc accountant.

 

I think there is an bug in QBO related to the way multi-currency TRANSFERS are done in QBO. It finds only one matching record when a transfer between accounts involves to accounts, QBO just fins the one where the money was sent from. My bank will output and send two transactions to QBO, one in the sender account and one in the receiver account.

JamesM
QuickBooks Team

Hi, I have 2 accounts, one in USD and one in CAD. I transfer in my bank from USD to CAD and then in QBO I do a Transfer, however only the USD transaction is matched, why?

Hi there. In case you need to unreconcile, I can show you how to do that in QBO. 

 

If you'd like to edit a reconciled transaction, you'd have to unreconcile it first so you can edit it. Here's how to unreconcile in QuickBooks:

 

   1. Select the Gear icon on the Toolbar.
   2. Under Your Company, select Chart of Accounts.
   3. Locate the appropriate account for the transaction.
   4. From the Action column, select Account History.
   5. Identify the transaction to edit.
   6. In the reconcile status column (indicated by a check mark), repeatedly select the top line of the transaction to change the status of the transaction.

        Codes indicate the status of the transaction:
             - Cleared
             - Reconciled
             Blank - Not cleared or reconciled

   7. Select Save.
 

For additional tips on how to avoid undoing a reconciliation, take a look at this article: Avoid undoing a reconciliation. To see a more in-depth explanation of how to manually undo a reconciliation without an accountant, check out this article: How to unreconcile a transaction or undo a reconciliation

 

If one our agents recommended you to unreconcile, I recommend following the steps so we can get to the bottom of this ASAP.  Let me know if you have other questions. 

jesusrendon
Level 2

Hi, I have 2 accounts, one in USD and one in CAD. I transfer in my bank from USD to CAD and then in QBO I do a Transfer, however only the USD transaction is matched, why?

Thank you, by doing those steps I was able to see those transactions. I had to make the R, C then I was able to see it as my Foreign Transactions and 'force' a match. I really hope I have no issues further down the road.

 

I still believe there is a bug in QBO in multi currency Transfers where QBO will match only one of those transactions. E.g. I moved 100 USD to my CAD in my Bank web page, I made a TRANSFER in QBO from my USD to my CAD account, same amount of 100 USD.

 

Two days later my bank sends two transactions to QBO, one for those 1000 USD and a second one with 1290 CAD (1USD = 1.290CAD in this example).

 

QBO will find a matching record on the USD transaction downloaded from my bank.

 

The CAD transaction will remain open with no 'match'. I will have to 'force' it to match my foreign transaction in USD.

 

Would be good if both transactions downloaded from my bank were matched to the same TRANSFER from QBO.

JamesM
QuickBooks Team

Hi, I have 2 accounts, one in USD and one in CAD. I transfer in my bank from USD to CAD and then in QBO I do a Transfer, however only the USD transaction is matched, why?

I see what you're saying. I'll make sure to pass your feedback over to our engineers. If you have other questions in the meantime, don't hesitate to ask. 

bob42
Level 1

Hi, I have 2 accounts, one in USD and one in CAD. I transfer in my bank from USD to CAD and then in QBO I do a Transfer, however only the USD transaction is matched, why?

This has happened to our business too. You can force the matches but your balance sheet will not match your actual bank account amounts, due to the exchange. We called QBO and they said you have to use accountant practices. I agree with you tho, QBO should do the work and exchange on both accounts

Nick K
QuickBooks Team

Hi, I have 2 accounts, one in USD and one in CAD. I transfer in my bank from USD to CAD and then in QBO I do a Transfer, however only the USD transaction is matched, why?

Hi bob42,

 

Making sure QuickBooks Online has all the features you need to run your business is something that we focus on. I can help point you in the right direction to get this added.

 

QuickBooks Online makes sending feedback and product suggestions easy by giving you the ability to do so from your account. If there is a feature you wish to have included in QuickBooks Online you can follow these steps to request it be added.

 

  1. Select the Gear icon at the top, then Feedback.
  2. Enter your comments or product suggestions then select Next.
  3. You'll be provided a list of suggested Help articles related to your comment. You can read through them or select Skip and send message.
  4. From the drop-down, choose the appropriate category, then select Send message.

In the meantime you can also look into finding an app to help you with exchanging amounts between multi currency accounts. You can go to the App page on the side of your QuickBooks Online account to find an App that would best help you with this.

 

Have a great day!

jschu3456
Level 1

Hi, I have 2 accounts, one in USD and one in CAD. I transfer in my bank from USD to CAD and then in QBO I do a Transfer, however only the USD transaction is matched, why?

Has this been resolved or is this still a bug that QBO is working on?

bob42
Level 1

Hi, I have 2 accounts, one in USD and one in CAD. I transfer in my bank from USD to CAD and then in QBO I do a Transfer, however only the USD transaction is matched, why?

I'm not sure if it is a bug... but it does not work on both accounts

Rebecca R
QuickBooks Team

Hi, I have 2 accounts, one in USD and one in CAD. I transfer in my bank from USD to CAD and then in QBO I do a Transfer, however only the USD transaction is matched, why?

Thanks for joining in on this thread @jschu3456 and @bob42. I want to make sure that you're familiar with how to correctly record a transfer between accounts in QuickBooks Online. It's a straightforward process when using QuickBooks Online.

 

A common mistake that many users make when recording a transfer, is to record two transactions rather than just one transfer. The transfer acts as the withdrawal from one account and the deposit into the other, so additional entries aren't necessary. You can either record the transfer transaction using the + New button first, then match it in the bank feed, or add the transaction as a transfer directly from one account in the bank feed and match it to the other. The steps can all be found in our article on how to Transfer funds between accounts.

 

When it comes to recording transfers between accounts of different currencies it's possible to run into some issues. It's common to run into the problem where the transaction won't match to the USD or other currency's transaction. While I know that matching transactions to the bank feed is a helpful tool, I'd like to remind you that it's not necessary. As long as the transfer is recorded within QuickBooks using the steps in the article I shared, the bank feed is just an extra measure that can save you time during reconciliation. If one side of your transfer won't match, you can simply exclude it by selecting it, then hitting Exclude.

 

Sometimes users are skeptical of excluding transactions and think that it may cause issues to their reconciliation, but I'm here to assure you that it won't. Transactions that are matched to the bank feed will be automatically checked off when reconciling, so for any transactions that haven't, you'll need to take an extra second to check them off manually. It's easy!

 

If you'd like to see improvements to the matching feature, I encourage you to submit feedback. Navigate to the Gear icon then select Feedback to have your voice heard about features or improvements you'd like to see in QBO.

 

Enjoy your week.

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