US Receipt Matching

Tara40 · ‎November 11, 2021

Hi there. I have multiple receipts in US currency, so when I upload the receipt I use the US amount. When the bank transactions get uploaded, they are in CAD, so they never match. Just wondering what the best way to go about this. Thanks!

Trish_T · ‎November 12, 2021

Hi Tara,

In in addition to the information previously posted, I'd be happy to review additional options to help you reach your goal. In QuickBooks Online, the receipts will only scan to Canadian currency. For transactions in other currencies, you can enter them manually and attach the receipt to the expense, or there'll be times when you just need to revalue the exchange rate to ensure you're able to match your transactions. I'll provide the steps for both options.

I see you've already setup the supplier in US currency, now let's create an expense that we can attach the receipt to. You'll need to ensure your receipts are saved to a folder on your system. When you're ready, follow these steps:

1. Select +New in the top left of your dashboard

2. Choose Expense

3. Enter the Payee from the drop-down

4. Choose the Payment Date

5. Complete all required fields

6. At the bottom, click the Attachments icon to browse for the receipt and then hit Open

7. When finished hit Save and Close

You've recorded the USD transaction and this should now match with your bank feed.

Here's how to revalue currency:

1. From the Gear in the top right, select Currencies

2. Click on Edit currency exchange in the Action column

3. Enter the date for the Market rate, or click Your rate to enter a specific amount

4. Hit Save when done

Here's a couple of articles for your reference:

Attachments in QuickBooks Online

Enter home currency adjustments for your foreign balances

I hope you find this to be helpful. Enjoy the rest of your day!

View solution in original post

Henock K · ‎November 11, 2021

Hi Tara40,

Welcome to the Community. Matching your transactions is a good way to keep your transactions organized. QuickBooks Online allows you to match your banking transactions to ensure that they are well recorded to keep your books balanced. I'd be glad point you in the right direction to match banking transactions.

If your QuickBooks account has the Canadian home currency and the expenses of the receipts needed to be in Canadian amount, I'd encourage you to delete the expenses and recreate them with the Canadian currency. If your bank is Canadian and the expenses of your receipts need to be in US, you can try to match the transactions from the bank feed by clicking on Banking on the left navigation menu > and then select the Banking tab > choose your bank > click on your transaction > select Find match and then Foreign currency. This will allow you to match your transactions.

Let me know if you have any questions, I'll be happy to help.

Tara40 · ‎November 12, 2021

Thank you so much! When I search for the receipts in foreign currency, they do not show up. The receipts are still listed as CAD, even though they are US. Is there a way to upload the receipts in USD?

Tara40 · ‎November 12, 2021

Sorry further to this. When I create the supplier is US currency and upload the receipt. It does still not find it as a match in foreign currency.

Trish_T · ‎November 12, 2021

Hi Tara,

In in addition to the information previously posted, I'd be happy to review additional options to help you reach your goal. In QuickBooks Online, the receipts will only scan to Canadian currency. For transactions in other currencies, you can enter them manually and attach the receipt to the expense, or there'll be times when you just need to revalue the exchange rate to ensure you're able to match your transactions. I'll provide the steps for both options.

I see you've already setup the supplier in US currency, now let's create an expense that we can attach the receipt to. You'll need to ensure your receipts are saved to a folder on your system. When you're ready, follow these steps:

1. Select +New in the top left of your dashboard

2. Choose Expense

3. Enter the Payee from the drop-down

4. Choose the Payment Date

5. Complete all required fields

6. At the bottom, click the Attachments icon to browse for the receipt and then hit Open

7. When finished hit Save and Close

You've recorded the USD transaction and this should now match with your bank feed.

Here's how to revalue currency:

1. From the Gear in the top right, select Currencies

2. Click on Edit currency exchange in the Action column

3. Enter the date for the Market rate, or click Your rate to enter a specific amount

4. Hit Save when done

Here's a couple of articles for your reference:

Attachments in QuickBooks Online

Enter home currency adjustments for your foreign balances

I hope you find this to be helpful. Enjoy the rest of your day!

Tara40 · ‎November 12, 2021

I found changing the exchange rate works best! As the receipts will be uploaded on a phone, rather than a computer. Thank you!

Looking back on past receipts/transactions, am I able to update this? Certain suppliers were not set up as US, and I'm unable to change it without deleting it and creating a new supplier.

Am I able to do this? Or will this mess up any receipts that were used with that vendor. I hope that makes sense!

Trish_T · ‎November 12, 2021

Hey Tara,

I'm happy to hear you were able to revalue the currency successfully! Great job! With regards to adding the suppliers and setting them to USD, this shouldn't affect previously uploaded receipts that haven't been matched. Once you've created the new supplier, you can edit the Payee field to correct the transactions, as you see necessary. Here's how to locate the expense history:

1. From the left menu click on +New

2. Select Expense

3. Click on the circular arrow in the top left, scroll down the list to View More

This will bring up your list of all expenses

4. Choose the expense to open it

5. Enter the new USD supplier in the Payee field

6. Check that the payment dates and other fields are correct

7. Hit Save and Close when finished

You're all set!

In addition, you may want to make the previous suppliers inactive. To do that, follow these steps:

From Expenses, select Suppliers

Checkmark the box to the left of the suppliers you want to make inactive

Click on the drop-down arrow on Batch Actions

Choose Make Inactive

That should do it for you and matching your transactions should be a breeze from here on. All the best!

Tara40 · ‎November 12, 2021

Thank you! That has solved it all.

Trish_T · ‎November 12, 2021

Hi Tara40,

Wonderful! Thank you for sharing your success. Have a Great Weekend!

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