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KP-B
Level 1
posted
‎June 27, 2024 02:57 AM
last updated ‎June 27, 2024 2:57 AM

Multicurency Expenses

Hi all

I'm new, just started using QBO.

 

As QBO is unable to sync the old bank records, I manually keyed in expenses (USD) with exchange rate according to my bank statement.

 

However, the SGD calculation in QBO came out differently from the SGD amount stated on my bank statement.

 

For example, payment of USD 2,941.26 (FX: 1.3288), my bank statement stated amount in SGD was 3908.29; however, QBO came out SGD 3,908.35.

 

How to reconcile this?

 

Many thanks.

 

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1 Comment 1
JorgetteG
QuickBooks Team
QuickBooks Team
‎June 27, 2024 06:55 AM

Multicurency Expenses

Welcome to the Community, KP-B.

 

I'll provide more information on why the SGD calculation in QuickBooks Online (QBO) differed from the amount stated on your bank statement.

 

The Multicurrency feature in QuickBooks makes it easy to record foreign transactions without the hassle of manual exchange rate calculations. QuickBooks automatically calculates based on the exchange rates from Markit or your own exchange rates.

 

To match the correct amount from your bank statement, we need to adjust your exchange rate from 1.3288 SGD to 1.32878 to achieve the correct total amount of 3,908.29 SGD.

 

image (11).png

 

Once the correct balance is obtained, you can visit this link to reconcile your account and ensure the accuracy of your books: Reconcile an account in QuickBooks Online.

 

Moreover, I'm also including these resources to help you learn more about multicurrency and its effects on the accounts and balances in your company file:

 

 

Please let me know if you have any questions or need clarification about recording multicurrency or any other QuickBooks-related concerns. I want to ensure that this is resolved for you, and I'm available 24/7 to help you out.

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