Match Bank Transaction to Mixed Currency Entries?

HughW · ‎July 05, 2019

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.

Any ideas how I can achieve this please?

Thanks,

Hugh

JonpriL · ‎July 05, 2019

Hi there, @HughW!

There are two scenarios you can consider in recording and matching your transactions in multi-currency. I'm here to share them and help you from there.

First off, you have the option to delete and recreate your transaction with the home currency so that you can manually match it with your downloaded transaction.

Meanwhile, you can also create a new wash account and then deposit the amount of your transaction with the GBP and Euro currency. Once done, you'll have to transfer the amounts to your bank account.

To start with:

Go to the Plus icon.
Under Other, select Transfer.
Choose your wash account and your bank account.
Enter the amounts.
Click Save and close.

In addition, here's an article you can read to learn more about recording a bank transfer: Transfer Funds Between Accounts.

Lastly, you can also visit our Help Articles page for QuickBooks Online if in case you need to learn some easy steps for any of your future tasks.

As always, you can leave a comment below or start a new thread if you have any other concerns. I'll be always around ready to help.

View solution in original post

JonpriL · ‎July 05, 2019

Hi there, @HughW!

There are two scenarios you can consider in recording and matching your transactions in multi-currency. I'm here to share them and help you from there.

First off, you have the option to delete and recreate your transaction with the home currency so that you can manually match it with your downloaded transaction.

Meanwhile, you can also create a new wash account and then deposit the amount of your transaction with the GBP and Euro currency. Once done, you'll have to transfer the amounts to your bank account.

To start with:

Go to the Plus icon.
Under Other, select Transfer.
Choose your wash account and your bank account.
Enter the amounts.
Click Save and close.

In addition, here's an article you can read to learn more about recording a bank transfer: Transfer Funds Between Accounts.

Lastly, you can also visit our Help Articles page for QuickBooks Online if in case you need to learn some easy steps for any of your future tasks.

As always, you can leave a comment below or start a new thread if you have any other concerns. I'll be always around ready to help.

HughW · ‎July 16, 2019

Hi JonpriL,

That's a great help, thank you.

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).

That works perfectly! Thank you!

Hugh

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Match Bank Transaction to Mixed Currency Entries?