Hi, Is there any way I can match a bank transaction to mixed currency entries?
We use a TransferWise Borderless Multi-Currency Account to pay suppliers in USD. We first top up the USD balance from our regular UK bank in GBP.
e.g. We want to add USD100 to our TransferWise account to pay a supplier. We send GBP77.73 from our UK bank to TransferWise of which GBP0.26 is their currency conversion fee and the remaining GBP77.47 is converted to USD100 at an exchange of 1.2909.
In QBO I enter a transfer of GBP77.47 from our UK (GBP) bank account to USD100 in the TransferWise (USD) bank account, and enter an expense of GBP0.26 paid to TransferWise (Supplier) categorised as a Bank Charge.
However, when I try to match the downloaded transaction of GBP77.73 from our UK bank to both the transfer and expense I can't do it because the 'match' facility in QBO only lets me show EITHER local or foreign currency transactions to select from, and not both at the same time.
So I have created a dummy bank account (Clearing Account or Wash Account. I pay my total GBP amount (GBP77.73 in my example) into the Clearing Account which I can match to my synced bank transaction. I then do a transfer of GBP77.47 from the Clearing Account to my TransferWise (USD) bank account which converts to USD100 (at the appropriate XR) and I do an expensepaid from the Clearing Account to TransferWise (Supplier).