Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Connect with and learn from others in the QuickBooks Community.
Join nowI recently added Wise as an app within Quickbooks thinking the reconciliation would be easier. We pay USD but our contractors receive them in either INR, PHP, or ZAR. Unfortunately, it started to create these A/P accounts with their currency shown in negative balances. I created a separate account for them to be expensed immediately and not be A/P.
Anyone who's had a better luck in recording these transactions? What's your workflow?
#wise #transferwise #multicurrency #banking #reconcilingwisetransfers #recordingwisetransfers
I'll share some information to help you manage your transactions, user57.
It's possible that you forgot to select a bank account for QuickBooks during setup, which is why separate account was created.
Certain functionalities must be turned on when integrating Wise with QuickBooks Online for transactions to be routed to the appropriate accounts. To do this, log into your Wise account and go to the Advance settings. Then, you can turn on the following features below to suit your business needs:
If you're unable to locate these additional settings on your Wise account, I recommend reaching out to their support. They can help you since they are knowledgeable about their product.
Once everything has been resolved, you can go to this article for instructions on how to complete the reconciliation: Reconcile an account in QuickBooks Online.
We're always here to help you if you need anything else in QuickBooks. Have a great day.
If you are using QBO US version and your company is located in the US, I would recommend to signup for a separate Melio account for free to pay your international contractors including India, Philippines and South Africa. It costs $20 per payment.
https://affiliates.meliopayments.com/pricing
Thank you for the response. It's been a while since I enabled those settings in Wise that you mentioned - you can see them checked on the photo attached - however, most are still going to A/P and only a handful is correctly categorized as an expense.
If we just let it be, can I just automatically recategorize the A/P as an expense without creating anymore documents like a bill or expense payment?
Hi there, @ user57.
I appreciate you for getting back to us and adding a screenshot. I'm here to provide additional information.
The transactions downloaded into QuickBooks depend on the information your financial institution provides. That being said, I recommend contacting Wise to check if there's a setting that can help recategorize your transactions.
Once you're all set, feel free to utilize these articles that can guide you in keeping your accounts organized:
I'm also adding these helpful modules about handling reconciliation:
Let me know if you have other concerns about managing your bank transactions in QBO. I'll gladly help. Have a great day.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.