How to manage exchange gain/loss when adding existing transaction?

Mazaya · ‎October 02, 2021

Hello everyone,

I'm using this method when managing using my personal CC or accounts to pay for business expenses:

https://quickbooks.intuit.com/learn-support/en-ca/business-accounts/pay-for-business-expenses-with-p...

When it comes to reimbursement, I initiated a transfer from my Wise business USD account direct to my personal CAD account. Now that Quickbooks Online has read that payment, I'm trying to add the payment and capture the correct exchange gain/loss.

In the quick add, I see that Quickbooks lists the exchange rate for the given date, but how/where do I specify the exchange rate used by Wise for this transaction (so that Quickbooks is able to capture the gain/loss in exchange)?

Alternatively I'll just exclude this transfer and add it manually as journal entry, but I'd rather use QBO's systems.

Mich_S · ‎October 02, 2021

Hello there, @Mazaya.

I'll help you can specify the exchange rate used by your business bank account.

To use your own rate for foreign currency transactions, you can manually change the rate when you enter the transaction. I'll show you how:

Click on + New, then choose the transaction you want to enter.
Choose a customer or vendor from the drop-down.
From the rate field, type in the exchange rate.
Complete necessary transaction information.
Once done, hit Save.

In case you'd like to use your own exchange rate for multiple foreign currency transactions, feel free to read this guide: Enter and use your own exchange rates.

To keep track and manage your financial reports in QuickBooks, you can review these articles:

Don't hesitate to hit the Reply button for more concerns about QuickBooks and exchange rates. You're always welcome in the Community. Take care.

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