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Level 1

unable to match transaction due to currency exchange round off

I transferred funds from my company's US bank account to its Canadian bank account.

 

I am trying to match the withdrawal and deposit in both of the bank account feeds but I am unable to do so because of the currency exchange round off. I can get to within 0.01$ by manipulating the exchange rate but that still isn't close enough for the transaction to match.

 

I also tried to manipulate the amounts and that allows either the US or Canadian transfer to be matched but not both.

 

How can I make this transfer match so I it can be removed from my unmatched bank account feeds?

2 Comments
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Moderator

unable to match transaction due to currency exchange round off

Hey there, @fdryer. Glad to have you here.

 

Since the two transactions are in different currencies, in order to match them you'll need to modify the exchange rate on the transaction specifically. There are some useful currency conversion calculators out there that you may find useful when doing this so that you can get your transactions to match.

 

I recommend checking out this article on multi-currency in QuickBooks Desktop for more information: Set up and use Multicurrency

 

Let me know if you have any other questions. I'm here to ensure your continued success. Have a wonderful day!

Highlighted
Level 1

unable to match transaction due to currency exchange round off

If I modify the exchange rate, the resolution of this variable is not sufficient to match the exact value that I need. In other words, the exchange rate resolution that I need to match the transfer values to the cent requires eight decimal places and it appears as though quickbooks doesn't support that and it rounds off to a less precise exchange rate. This results in transfer values that do not match my bank feed.

 

I received a reply on Reddit's quickbooks subreddit that resolved the issue by suggesting that I directly modify the deposited/withdrawn values and that resulted in a positive match in my bank feed.

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