You have to match your paid foreign bills with your bill payment rather than the bills, Richard159. I'm here to discuss this topic further and guide you to achieve your goal.
In QuickBooks Online (QBO), matching the downloaded bill to the bill payment instead of matching it directly to the bill helps ensure accuracy in the accounting records. This process verifies that the payment has been made and reconciled correctly against the original bill amount entered.
Furthermore, we need to mark the associated bill as paid to achieve the desired outcome. Please note that the payment should be accounted for in the home currency bank account connected to the banking page. Ensure to enter the correct exchange rate at the time of payment. Here's how:
- Log into your QBO account.
- At the right panel, choose Expenses and then select Bills.
- Go to the Unpaid page, then look for the bill.
- Once found, click on the dropdown icon and select Mark as paid.
- Choose the home currency bank account used in the Bank/Credit account dropdown.
- In the Amount section, enter the correct exchange rate.
- Once finished, click Save and close.
After that, match your downloaded transaction to the bill payments. To do so, you can follow the steps below:
- Go to Transactions, then choose Bank Transactions.
- Choose the bank account associated with the downloaded transaction.
- Look for the paid foreign bill, then click on it.
- Select the Match option. You'll be then directed to the Find Other Matches page.
- Guarantee to enter all the accurate information.
- Once done, Match.
Moreover, you can refer to this article for more information on matching your QBO transactions: Match online bank transactions in QuickBooks Online.
Additionally, the guidelines in this material can help you start a reconciliation process to guarantee that your QBO matches your bank and credit card statements: Reconcile an account in QuickBooks Online.
Press the reply button if you need further assistance matching your QBO foreign bills. I'll be at your service once I get notified.