Bank reconciliation (foreign currency)

I can help you with fixing the reconciliation discrepancy that you're encountering with your account, @Sc0.

You can create a journal entry that can resolve the discrepancy that you have. Just make sure to consult with an accountant to help you choose the right accounts for your entry. 

Here's how:

1. Go to the + New button and select Journal entry.
2. Enter your debit and credit accounts.
3. Click on Save and new or Save and close once you're done.

Refer to the following article for more information about adding journal entries: Create a journal entry in QuickBooks Online.

You can refer to the following article for more information about fixing errors you'll possibly encounter while reconciling your accounts: Fix issues for accounts you've reconciled in the past in QuickBooks Online.

Once you're done, you can run a reconciliation report. That will summarize your beginning and ending balances as well as list which transactions were cleared and which were left uncleared when you reconciled. See this article on how to view and print it: How do I view, print, or export a reconciliation report?.

Let me know if you need further help in fixing the reconciliation discrepancy by leaving a reply below. Have a great rest of the day!

Can someone explain why there is a foreign exchange discrepancy for those 2 Euro invoices when I tried to reconcile it against by bank statement, but there was no discrepancy for another vendor of mine? This vendor also invoiced us in Euros and we paid in Euros. I find it hard to believe that the reason why there is no discrepancy is because the foreign exchange rate stayed the same. 

Thanks for following up with the Community, Sc0.
 

When reconciling and comparting your transactions with the ones on your bank statements, you should see a $0.00 difference between the ending balance in your books and on the account's statement. If the ending balances don't match, you can find and fix issues to finish reconciling.
 

Here's a few things that can cause ending balance issues:

• Missing or duplicate transactions.
• Transactions that haven't cleared your bank yet.
• An incorrect ending balance at the start of a reconciliation.

Here's how to find and fix reconciliation issues:

1. Review your opening and beginning balances.
2. In the Reconciliation window, click Edit info.
   
3. Check your Ending balance and Ending date and compare it with the account statement. Make edits if necessary.
4. Select Save.
5. If your bank combined several payments as a single record, you should do the same in QuickBooks. If you notice you need to combine payments, put them into your Undeposited Funds account, then make a Bank Deposit to combine them into a single record.
6. In the event there's still a difference, try eliminating transactions you know are correct by taking out your bank statement and physically marking transactions that match ones you've already entered into QuickBooks. This will give you a much shorter list to work with.

If there's still a difference after performing steps 1-6, you'll want to try entering transactions that aren't in your books.
 

You'll also be able to find many detailed resources about using QuickBooks in our help article archives.
 

I'll be here to help if there's any additional questions. Have an awesome day!