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Experienced Member

How should we enter TransferWise payments for vendor bills? (Funds for payments are first sent from our bank account to TW, in $2000 increments, not exact bill amounts.)

 
4 Comments
QuickBooks Team

Re: How should we enter TransferWise payments for vendor bills? (Funds for payments are first sen...

I have here the steps on how to enter TransferWise payments, holly5.

 

First, you'll need to record a bill with the whole/total amount of the payment.

 

BILL.PNG

 

Then, you'll need to pay the bills.

 

Here's how:

  1. Go to the Plus icon and select Pay Bills.
  2. Choose the Payment account and Payment date.
  3. Check the Payee.
  4. Enter the amount of the payment to be applied to the open bill.
  5. Select Save and close.

BILL1.PNG

 

Partial payments will automatically deduct on the bill. You can follow the same process to pay the remaining balance. Also, you can open the vendor's profile to see the balance.

 

BILL2.PNG

 

You can always reach out to us here if you have other questions.

Experienced Member

Re: How should we enter TransferWise payments for vendor bills? (Funds for payments are first sen...

Thank you, but I realize my question wasn't clear. I know how to mark bills paid.

My question is how to record the Transferwise payment for banking reconciliation. The funds go from our business bank account in increments of $2000 into Transferwise ($2K is daily limit for low-cost bank transfers). Then, vendors bills of various amounts (often over $5000) are paid from Transferwise. So for reconciliation, there's an extra layer.  On a related note, is it possible to download Transferwise transfer history and import into Quickbooks online?  Thanks!

QuickBooks Team

Re: How should we enter TransferWise payments for vendor bills? (Funds for payments are first sen...

Thanks for getting back to the QuickBooks Community, holly5.

 

Allow me to join this thread and help provide you the options on how to transfer trasanction from TransferWise to your QuickBooks Online (QBO) account. 

 

First, if you're using online banking, you can connect your account in QuickBooks to automatically download and categorizes your recent bank and credit card transactions for you. 

 

Here's how you can connect account in QBO:

  1. Go to the Banking menu.
  2. Select Connect from the landing page.
  3. Search for your bank.
  4. Click Continue. Then enter the username and password you use for your bank’s website in the pop-up window. It may take a few minutes for QuickBooks to connect your bank account. You may see onscreen instructions if your bank requires additional security steps.
  5. Select the type of account you’re adding (savings, checking, or credit card).
  6. Select how far back you want to download transactions. You can download everything for the current tax year, or go as far back as 24 months for some banks.
  7. Click Connect

For additional reference, you can check this article: Connect bank and credit card accounts to QuickBooks Online

 

The second option is, you can download the bank transaction manually from bank website and import them in QBO using the WebConnect feature. To learn more about this feature, you can check this article for the detailed information: How to upload more than 90 days of bank transactions

 

Once the transactions is already imported in QBO, you can now reconcile your accounts

 

If you need further assistance with the steps, I recommend contacting our QuickBooks Online Support Team. They have the tools to pull up your account in a secure environment and do a remote session.

 

Here's how you can contact our customer support:

  1. Sign in to your QuickBooks Online company.
  2. Select Help (question mark icon) at the top right.
  3. Select Contact us to connect with a live support agent.

This will get you on the right track. Feel me in if you have any other questions about importing transactions. I'll be around to help you out. Wishing you and your business continued success. 

Experienced Member

Re: How should we enter TransferWise payments for vendor bills? (Funds for payments are first sen...

Dear JanyRoseB,

 

Hello. Thanks for taking the time to reply, but this doesn't quite answer my question either. I have connected other bank accounts. The problem is that Quickbooks online and TransferWise are not compatible and can not be connected. So, I was looking for solutions on how to work around that particular challenge.


There's a thread about it, but no solutions, though I've asked my question there as well:

https://quickbooks.intuit.com/community/Other-Questions/Hi-Why-do-you-not-support-Transferwise-Borde...

 

I looked into manually uploading a file, and there again seemed to be an incompatibility with file types, but I'll explore that option further. 

 

Thanks!