Foreign wire transfer, matching, but not reconciling

vchiline · ‎February 12, 2022

Hi,

I’m having some difficulties understand what I’m doing wrong. I have a Canadian funds checking account, and US funds checking account for my business (both exist in QBO). I have received a wire transfer payment from my US client to my US bank account.

I have done this:

1. I recorded the payment/matched it to invoice from my client as a split income deposit of the full payment, and then added an expense line for the wire payment fee. See #1 in attached image

2. I then transferred that US money to my CAD checking account. I followed by telling QBO that this is a transfer from the US account to CAD account for the given amounts with exchange. See #1 in attached image

3. In QBO, in my CAD account, I see a new transaction from the US bank. But when I add it, my QB CAD account is over by that said transaction amount and no longer reconciles with my true bank amount. Say the transaction is $10,000, if I click ADD, it makes the CAD QBO account over by 10k. See #2 in attached image

I'm obviously not doing something right or doing a bonehead move.

Thanks!! :)

What am I doing wrong?

Trish_T · ‎February 14, 2022

Hi vchiline,

Welcome to Community! QuickBooks Online is a dynamic program that provides everything you need to stay on track with your bookkeeping goals. It's essential that recording wire transfers is done seamlessly, to make reconciling your account a breeze. I'll be glad to assist!

Based on the information you've provided, the item is already recorded so selecting the option to 'Add' the transaction would create duplication. There are two ways to record a wire transfer in QuickBooks Online, either as an expense or a deposit. I suggest navigated through the steps provided in this article to ensure you've recorded it properly.

If you require additional assistance, please don't hesitate to contact us so we can work with you to ensure you're able to get back to what you love as soon as possible.

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vchiline · ‎February 14, 2022

Hmm, when I go do those steps to RECORD a wire transfer deposit, it tells me while I type the client from who the money is coming from:

Has this payment been recorded?
Looks like XXXXXXX has 1 open invoice. If the deposit is for that invoice, record the payment in Receive Payment first. That way, your books are accurate.

So I'm a little confused - do I proceed with the steps listed in the link you sent, or I have to match it?

I can make a little example scenario:

1. US client received an invoice for $10k USD.
2. US client sent a money wire transfer to my USD bank, was received. There was a bank charge of -$17.50 applied. Hence the invoice doesn't match 1:1 to amount received, basically received $9,982.50.
3. QBO recognizes the payment and says I can match it.

Thanks!

Trish_T · ‎February 15, 2022

Hi vchiline,

Thanks for getting back to us here. QuickBooks Online will provide you the option to match a transaction when it's already recorded in your books, this eliminates duplicate entries. I recommend opening the transaction to review the information for the item to ensure it is a definite match. You'll have the option to hit 'Match' from the open transaction.

If you need additional assistance, please contact us so we can work with you in real time and navigate through the process to ensure your account is reconciled without further delay.

Let us know if you have other questions. We're here for you!

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Foreign wire transfer, matching, but not reconciling