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I have a deposit of 3 checks. Each were payments for multiple invoices:
Total: $58377.71
I need to match the bank feed deposit of $58377.71 to the payments.
It lets me select either USD payments or CAD payments but not both.
After reading the multicurrency FAQ, I set up a pretend "bank account" in QBO called "CAD-USD Workaround" and deposited the CAD check to that, then transferred the correct USD amount to Undeposited Funds.
However, when I go to create the bank deposit, the $6241.46 USD from the CAD check is not available to add to the deposit. Only the 2 USD checks are.
Similarly, if I go to the bank feed and try to match it, only the 2 USD checks are available to be matched. The $6241.46 USD amount is not listed.
How do I match the bank feed deposit?
Update 1: False hope
I figured it out!
1) Entered a deposit of the 2 USD checks.
2) After following the steps to deposit the CAD into the CAD-USD Workaround "bank account" and transfer the CAD amount to the correct USD amount into Undeposited Funds, I made a journal entry to debit Checking credit Undeposited Funds for the correct USD amount.
3) I was then able to match the bank feed deposit to the 2-check deposit + journal entry.
Everything is cleared!
Update 2: New problem to resolve
I spoke too soon. Now when I go to enter future bank deposits, I have a negative amount (-$6241.46) hanging around in the Bank Deposit screen.
So there is still an uncleared portion that I do not know how to resolve.
Solved! Go to Solution.
After trying six different things during a screenshare call, my CPA and I finally solved this:
First, create two workaround accounts:
CAD-USD Workaround Receive Payment ("bank account" denominated in CAD)
CAD-USD Workaround Resolve Deposit (other current asset denominated in USD)
For the CAD check, receive the payment into the "CAD-USD Workaround Receive Payment" account
Go to the bank feed and match the transaction to the USD portion of the deposit, then click Resolve down at the bottom for the discrepancy
Resolve the discrepancy in the deposit by entering the USD amount received for the CAD check from the "CAD-USD Workaround Resolve Deposit" account
Do a Transfer from the "CAD-USD Workaround Receive Payment" account to the "CAD-USD Workaround Resolve Deposit" making sure that the date and exchange rate are correct (need to use a lot of places behind the decimal point to get it exactly right).
I can help you with recording your bank deposit, @jackie1776.
From your Bank Deposit page, make sure to set the filters like the Currency and Select the payments included in this deposit. Go to the Currency box and make sure to choose CAD Canadian Dollar. Then, set the Select the payments included in this deposit as All Locations. Check the screenshot below:
Refer to this article for more information about recording and making bank deposits in QuickBooks Online. You can also follow the steps outlined in that article on how to check any available payments left from your Undeposited Funds account.
From here, you can now match the downloaded transaction with one you already entered in QuickBooks Online: Categorize and match online bank transactions in QuickBooks Online.
Let me know if you have further questions about creating a bank deposit and matching them. I'm always here to help. Have a great rest of the day!
Thanks but I already tried that. It won't let me select both CAD and USD for the same deposit. When I switch currencies to check the other amount, it unchecks what was already checked.
I also tried entering it as two separate deposits, then matching those deposits to the bank feed deposit, but the amount that was originally CAD does not show up as a match option.
Thanks but I already tried that. It won't let me select both USD and CAD funds for the same deposit, even though they are the same deposit in my bank feed. When I switch currencies it unchecks the amounts previously checked.
I even tried entering it as two separate deposits and then try to match the bank feed deposit to that, but the amount that was originally CAD does not show up as a match option no matter what.
I appreciate your intuition while reading the article about handling two different currencies, @Jackie. I've got a solution that can help you manage invoice payments efficiently.
We're unable to select two (2) or more currencies at once when matching transactions or making deposits. That's why you can only choose CAD or USD one at a time.
Please know that QuickBooks can only use the home currency bank account or the bank account with the currency that matches the invoice. Since you've already created a new dummy bank account, you'll want to consider transferring from one currency to another if necessary.
See this article for more guidance: Receiving and making payment for a foreign invoice/ bill with a foreign currency. This is for the Singapore region but it also applies to the other region.
Once done, you can start Categorizing and matching online bank transactions in QuickBooks Online.
Keep me updated by leaving a reply if you still require assistance with transferring funds in QBO. It's always a pleasure to assist you in running your business efficiently. Take care.
Thanks. I actually already tried basically that a couple different ways and neither worked:
1st: I tried transferring from the "CAD-USD Workaround" account to "Checking" but that transfer still doesn't show up as selectable when I try to match the bank feed deposit, even when I filter for transfers
2nd: I tried transferring from the "CAD-USD Workaround" account to "Undeposited Funds" and it still isn't selectable when matching the bank feed deposit.
At this point I suspect that QBO simply can't do this. Going forward, I've asked my bosses to please make sure that the bank tellers enter CAD checks as separate deposits because depositing CAD and USD together apparently breaks QuickBooks.
But I still need to know how to clear the existing bank feed deposit when I can't match it to everything that was deposited, and how to clear the CAD-->USD amount so that it's not hanging around in the workaround account or as undeposited funds.
I figured it out!
1) Entered a deposit of the 2 USD checks.
2) After following the steps to deposit the CAD into the CAD-USD Workaround "bank account" and transfer the CAD amount to the correct USD amount into Undeposited Funds, I made a journal entry to debit Checking credit Undeposited Funds for the correct USD amount.
3) I was then able to match the bank feed deposit to the 2-check deposit + journal entry.
Everything is cleared!
Edit:
I spoke too soon. Now when I go to enter future bank deposits, I have a negative amount (-$6241.46) hanging around in the Bank Deposit screen.
So there is still an uncleared portion that I do not know how to resolve.
Hi there,
I appreciate your effort in finding a workaround to deposit the three checks with different currencies. I'll make it up to you by providing more information and routing you to the best department that handles this scenario.
Since you've created a journal entry, I'm encouraging you to review the accounts affected. For instance, the first line should be the Undeposited Funds, where you debit the amount. The bank account or your Checking account could be on the second line, where you credit the amount.
Please know that debits record all of the money flowing into an account, while credits record all of the money flowing out of an account. If you chose the incorrect one, you'll want to change it to zero out the balance.
After that, we can combine the journal entry with the payments by following the steps below:
See this article to learn more about rectifying amounts: How to resolve negative deposits.
Furthermore, I highly recommend consulting an accountant about this. They can explain why you have a negative balance on your deposits. They can also guide you on which accounts to use to offset it.
If you've done everything and the issue persists, I recommend contacting our Support Team. From there, you can request a screen-sharing session to further investigate the root cause of this issue. This way, we can determine the best solution for resolving this amount.
You can read through this reference about matching transactions and putting them in the correct accounts: Categorize and match online bank transactions in QuickBooks Online.
You can then review the accounts and reconcile them so they match your bank statements. For complete instructions, refer to this guide: Reconcile an account in QuickBooks Online.
I'd love to hear how it goes. If you're still having issues with your deposits, add them to this thread. I'll be glad to assist you further.
After trying six different things during a screenshare call, my CPA and I finally solved this:
First, create two workaround accounts:
CAD-USD Workaround Receive Payment ("bank account" denominated in CAD)
CAD-USD Workaround Resolve Deposit (other current asset denominated in USD)
For the CAD check, receive the payment into the "CAD-USD Workaround Receive Payment" account
Go to the bank feed and match the transaction to the USD portion of the deposit, then click Resolve down at the bottom for the discrepancy
Resolve the discrepancy in the deposit by entering the USD amount received for the CAD check from the "CAD-USD Workaround Resolve Deposit" account
Do a Transfer from the "CAD-USD Workaround Receive Payment" account to the "CAD-USD Workaround Resolve Deposit" making sure that the date and exchange rate are correct (need to use a lot of places behind the decimal point to get it exactly right).
Hello jackie1776,
I have reviewed the solution you’ve shared and it's correct and accurate. Thank you for sharing your inputs to help address the issue.
We love to see members supporting one another! Have a great day.
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