Wise (Transferwise) Currency transfers

Daniel0711 · ‎October 27, 2021

Hello all,

I have recently moved to Quickbooks from Xero and connected Wise to Quickbooks. The Wise account has four currencies in use: GBP, EUR, USD and CHF. We frequently convert the currencies between each other to pay suppliers using funds received into Wise from customers.

Within Quickbooks, I have an account set up for each currency and the feed is automatic. The issue I am having is with these transfers, Quickbooks does not let me make a transfer unless one of the currencies involved is the home currency for our account (GBP). For transfers such as AUD to USD, I have to create a transfer from the Wise AUD account to a GBP clearing account and then transfer from that account into the Wise USD account. This is time-consuming and initially we moved from Xero to Quickbooks to automate the matching of transactions and basic bookkeeping functions.

If anyone could please advise if there is a workaround it would be greatly appreciated. We have an active Paytracker and Synder subscription however neither handle Wise accounts.

Thanks in advance,

Dan

Ashleigh1 · ‎October 27, 2021

Hello Daniel0711,

Welcome to the Community page,

There is no way of doing it from for example AUD to USD in Quickbooks, all transfers have to hit the home currency as well so it has to go AUD to GDP then to USD. There is no other way of doing it in Quickbooks.

View solution in original post

Ashleigh1 · ‎October 27, 2021

Hello Daniel0711,

Welcome to the Community page,

There is no way of doing it from for example AUD to USD in Quickbooks, all transfers have to hit the home currency as well so it has to go AUD to GDP then to USD. There is no other way of doing it in Quickbooks.

Daniel0711 · ‎October 27, 2021

Hi Ashleigh1,

Thank you for the prompt answer

Do you know if Quickbooks intend on adding such a feature? If not, is there a third party application that can push the transactions to Quickbooks and convert the currencies during the sync?

Thanks,

Dan

ReymondO · ‎October 28, 2021

Thanks for getting back to us, @Daniel0711.

Added features in QuickBooks are based on the number of requests sent by our customers. If you haven't sent any feedback yet, I'd recommend sending it out to our product developers. This way, they can review your suggestions. Here's how:

Select the Gear icon at the top and click Feedback.
Enter your comments or product suggestions, then select Next to submit feedback.

Moreover, you can go to our Apps center and check out the suggestions apps that can convert currencies in QuickBooks. Just log in to your QBO account and go to the Apps menu and search for the app.

Should you have any follow-up questions or concerns, don't hesitate to post again here in the Community or leave a comment on this thread. Take care and have a good one.

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