Bank transaction split to a Transfer and an Expense?
Bank Acc G (in GBP) transferred amount X of EURO into Bank Acc E (in EUR). Bank G only keeps GBP here thus the EURO was changed from GBP on a certain exchange rate and charged a fee, total one GBP transaction showing on the Bank Acc G feed.
What we hope:
When matching, we could split this single transaction into: a transfer part + an Expense for the fee.
But QBO does not allow this. We have searched the community here multiple times, seeing similar questions but didn't find a good answer to it.
How would you handle this? We could split into two expenses, but a transfer really isn't an expense. We could match to a journal record, but it seems equivalent to a split on expenses. I understand "transfer" is only a syntax sugar in that it's just a debit and a credit involves two accounts. But if possible in the QBO marked clearly as Transfer is still better for the eye and preferred. Any suggestions?
Thanks in advance for any helps, sorry if this has been answered in other threads, tried to read lots and still not clear.
Allow me to share insight on your query about matching bank transactions.
What you mentioned about creating a journal entry is correct. I suggest taking this step to account for the difference.
You can refer to this article as well: Record commonly-used transactions. Click the Split transactions link to show the steps on how you can record a split transaction, which is another option for you in this situation.
In case you encounter issues downloading your bank transactions, you can import these transactions by hand. Take a look at this article for additional details: Manually upload transactions into QuickBooks Online. It's a step by step guide on how you can import either a CSV or a QBO file from your bank to your QBO company.
I'll be around in case you need further assistance. Post a comment below, and I'll get back to you.
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