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.
Then, you'll need to pay the bills.
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.
You can always reach out to us here if you have other questions.
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!
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:
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:
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.
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:
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.