cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Get your Payroll questions answered by a QuickBooks Product Manager here - intuit.me/31Nl3My
Marufa0013
Level 2

multi currency bills matching with banking transaciton

Hi. The company pays bills in SGD to a client and other transactions including banking are done in USD.  In bank, there is one single payment against several bills (in foreign currency). While matching the bank transaction with QBO, I am not getting the bills even after searching through find option. I searched those in foreign currency bills as well. 

Please give me a solution. 

Solved
Best answer March 14, 2020

Accepted Solutions
TonyArm
Level 2

multi currency bills matching with banking transaciton

Hi Marufa0013

It appears that QBO will not let you use the Find Match process in foreign currency bank accounts, even if the Bill currency is the same as the Bank currency. Anyway, that is my experience.

 

If you have some foreign currency Bills adding up to, say US$ 5,000 and you have paid them from a US$ bank account that you have set up in QBO in the Bank Feeds, you can pay them as follows:

 

Choose Expenses/Supplier

Select your Supplier and Transactions List

You will get a list of outstanding Bills. QBO will probably have selected the first in the list. You can untick this.

You should also have at the right a window headed up "Add to Bill Payment" with  tiles showing the outstanding Bills. The info shown in each tile will be Bill number, Date, Amount and an "Add" and "Open" button.

You need to Add all the bills in this window that you want to pay.

As you do so, the Amount Paid value in the main window will increase until it (hopefully) matches the amount ($5,000) of the payment you made (and are trying to match to).

Once it agrees select Save and Close from the bottom right.

Go back to your Bank Feed.

You should now see that the payment you were trying to match will have a green "1 record found" notification and be offering the Match choice both to the right and if you open the transaction line.

If you agree with the match, select it and your bank feed will move to Reviewed, as usual.

 

Please note that other suggestions of using the Make Payment choice in the Expenses/Supplier/Transaction List screen and then Exclude the payment in the Bank Feed will work.  This is because the For Review transactions in Bank Feed are not inQBO at this point. Once you add them manually using Make Payment, if you can't match in Bank Feeds you must Exclude them from Bank Feeds, otherwise they will be double counted.

View solution in original post

AmyAnne3115
Level 1

multi currency bills matching with banking transaciton

Hi,

 

I've found a solution that may help you.

 

From the banking screen add the payment as an expense - select the Supplier and set the Category as Creditors (there will be a category for each currency so make sure you select the one that matched the currency of your supplier). Select No VAT too.

 

Then you need to go to your Supplier from the Expenses tab. Select make a payment next to one of the outstanding invoices and a new page will appear with all the outstanding invoices selected along with the expense ticked too. Select Save and Close.

 

Your supplier will now have a negative/positive outstanding amount due to exchange differences. You need to create a Bill or Credit matching the outstanding amount with the category as Exchange gain or loss. Select Save and Close. Back on the supplier page you will need to select the Bill or Credit and this will bring up a page where you can have the remaining amount on the expense selected along with the Bill or Credit. This will leave no balance on your suppliers page.

 

I hope this helps you.

View solution in original post

12 REPLIES 12
MikiD
QuickBooks Team

multi currency bills matching with banking transaciton

I'd be happy to share some insights about your concern, Marufa0013. 

 

 

The online banking feature in QuickBooks Online will automatically identify and use your home currency. This is why foreign transactions are not showing when matching. You might want to delete and recreate the transaction using the home currency. 

 

Also, you can just exclude the transactions from the for review page. This won't impact your accounts since the transactions are already recorded in QuickBooks. 

 

Below are the steps to do this:

 

  1. Under the For Review page, select the transactions involved by checking them. 
  2. Click Batch actions' drop-down arrow
  3. Choose Excluded Selected

You can also check this blog for more ways of handling this scenario: Multi-currency tips and tricks.

 

Don't hesitate to get back to us if you have other questions related to QuickBooks.

 

Fiat Lux - ASIA
Level 15

multi currency bills matching with banking transaciton

@Marufa0013 

Utilize this payment service to pay your bill in GBP and your vendor will get the payment in their local currency (e.g SGD, USD). It supports QBO.

https://veem.grsm.io/veems

 

Hope it helps.

Marufa0013
Level 2

multi currency bills matching with banking transaciton

Thank you very much. But I have already matched one foreign currency bill. The bills are already recorded as paid in qb. In fact, when I click on find option and foreign currency, then one foreign currency bill is showing for match. My question is if this bill is showing, then why other bills are not showing up there? Is it because there are several individual bills against one payment made in bank? Even if it so, then we see lots of individual bills/transactions in qb for matching with single payment/receipt in bank. I don't understand the problem. Please help me in this regard.

Ryan_M
QuickBooks Team

multi currency bills matching with banking transaciton

Hi @Marufa0013,

 

You can match multiple recorded transactions to a single downloaded bank transaction in QuickBooks Online (QBO).On the other hand, matching 2 or more downloaded bank transactions with a single recorded transaction isn't available.

 

This is the reason why you're unable to view other bills you've recorded. You can also consider the date range you selected. 

 

I suggest following the steps given by @MikiD to manually enter these transactions. Once done, there's no longer any need to match bank transactions. Your bank account will still have an updated balance. 

 

To understand a bit more of QBO's matching process, view this article: Download, match, and categorize your bank transactions in QuickBooks Online.

 

For additional questions, drop them in the comments below. I'll be sure to get back to you.

Marufa0013
Level 2

multi currency bills matching with banking transaciton

Hi. Yes, it's possible for local currency but in case of foreign currency, I not finding the transactions against one single bank transaction. Only transaction is showing, which is not the match with the transaction of the bank. I have checked the bank register in QBO, the transaction is there but don't know why is it now showing. 

GeorgiaC
QuickBooks Team

multi currency bills matching with banking transaciton

Hello Marufa0013,

 

 

The banking feature within QuickBooks is not designed to match multicurrency transactions, sometimes you may find a match to those if the amounts and dates are the exact same however this is not expected behavior. We would recommend you record the transactions manually and exclude the transaction in the banking screen.

 

 

Thanks 

Marufa0013
Level 2

multi currency bills matching with banking transaciton

"We would recommend you record the transactions manually and exclude the transaction in the banking screen."

If I do so, then won't there be mismatch in the bank amount and ultimately in the reconciliation status? Can you please make it clear? May be I am not understanding. Are you suggesting to add those manually rather finding from existing bill? 

Thank you for your patience.

GeorgiaC
QuickBooks Team

multi currency bills matching with banking transaciton

Hello Marufa0013,

 

Thanks for getting back to me. 

 

Excluding a transaction will not affect the bank balance showing in the banking page for the bank account, this is pulled directly from the live connection to your bank. 

 

When transactions are in the 'for-review' page they are not affecting the 'in QuickBooks' bank balance, when transactions are added the balance will go up or down, when they are matched to an existing transaction the balance will remain the same as it is not adding anything new into QuickBooks.

 

Please let me know if you would like further explanation Smiley Happy 

TonyArm
Level 2

multi currency bills matching with banking transaciton

Hi Marufa0013

It appears that QBO will not let you use the Find Match process in foreign currency bank accounts, even if the Bill currency is the same as the Bank currency. Anyway, that is my experience.

 

If you have some foreign currency Bills adding up to, say US$ 5,000 and you have paid them from a US$ bank account that you have set up in QBO in the Bank Feeds, you can pay them as follows:

 

Choose Expenses/Supplier

Select your Supplier and Transactions List

You will get a list of outstanding Bills. QBO will probably have selected the first in the list. You can untick this.

You should also have at the right a window headed up "Add to Bill Payment" with  tiles showing the outstanding Bills. The info shown in each tile will be Bill number, Date, Amount and an "Add" and "Open" button.

You need to Add all the bills in this window that you want to pay.

As you do so, the Amount Paid value in the main window will increase until it (hopefully) matches the amount ($5,000) of the payment you made (and are trying to match to).

Once it agrees select Save and Close from the bottom right.

Go back to your Bank Feed.

You should now see that the payment you were trying to match will have a green "1 record found" notification and be offering the Match choice both to the right and if you open the transaction line.

If you agree with the match, select it and your bank feed will move to Reviewed, as usual.

 

Please note that other suggestions of using the Make Payment choice in the Expenses/Supplier/Transaction List screen and then Exclude the payment in the Bank Feed will work.  This is because the For Review transactions in Bank Feed are not inQBO at this point. Once you add them manually using Make Payment, if you can't match in Bank Feeds you must Exclude them from Bank Feeds, otherwise they will be double counted.

View solution in original post

AmyAnne3115
Level 1

multi currency bills matching with banking transaciton

Hi,

 

I've found a solution that may help you.

 

From the banking screen add the payment as an expense - select the Supplier and set the Category as Creditors (there will be a category for each currency so make sure you select the one that matched the currency of your supplier). Select No VAT too.

 

Then you need to go to your Supplier from the Expenses tab. Select make a payment next to one of the outstanding invoices and a new page will appear with all the outstanding invoices selected along with the expense ticked too. Select Save and Close.

 

Your supplier will now have a negative/positive outstanding amount due to exchange differences. You need to create a Bill or Credit matching the outstanding amount with the category as Exchange gain or loss. Select Save and Close. Back on the supplier page you will need to select the Bill or Credit and this will bring up a page where you can have the remaining amount on the expense selected along with the Bill or Credit. This will leave no balance on your suppliers page.

 

I hope this helps you.

View solution in original post

nekkie
Level 1

multi currency bills matching with banking transaciton

Both expenses created as well as the outstanding invoices appear in the supplier screen, however, when I click make payment, the expenses created earlier do not show anymore.  How do I proceed?  thanks

AileneA
QuickBooks Team

multi currency bills matching with banking transaciton

Hello, nekkie. 

 

Let's take a look at the Expenses by Vendor Summary or, Expenses by Vendor Detail reports. Each of these shows the transactions created. From there, you can modify and apply for the payment. 

 

Check out these articles below to learn about customizing reports.  

 

 

Loop me in if you still need help in QuickBooks Online. I'll be around to help. Stay safe!

Need to get in touch?

Contact us