cancel
Showing results for 
Search instead for 
Did you mean: 
im_ferris
Level 1

Matching transaction with currency conversion and bank fee

Overview: I use to be able to match bank records to a USD expense and a EUR bill. As of Jan. 8, 2021 I can not. Please help on how to do this going forward!

 

Details

I am a US business with a USD bank account using an international payment provider (Transferwise) to pay a contractor in EUR via ACH bank debit (example of this below). This transaction has two parts: (1) the fee for the service which is taken out of the USD value withdrawn and (2) the amount converted into EUR and deposited into the contractors bank account. I have previously been able to enter a bill payment to my contractor (in EUR with exchange rate of transaction) and an expense item for Transferwise's fee (screenshot 1). However, as of today this no longer seems possible and when I go to match the transaction I must pick between USD or foreign transactions, meaning I can't match the Transferwise Fee in USD and the contractor bill payment in EUR. Is there a new way to do this or is this a regression in QBO capabilities?

 

Cheers and thanks for your help,

Ferris

 

Example Transferwise payment ($ = USD, € = EUR):

  1. Amount withdrawn via ACH: $123.97
  2. Total fees: $1.80
  3. Amount to convert: $122.17
  4. Exchange rate: 0.818550
  5. Amount deposited: €100.00

Screenshot 1:

Screen Shot 2021-01-08 at 1.26.58 PM.png

10 Comments 10
Jessica_young
Moderator

Matching transaction with currency conversion and bank fee

You're right, @im_ferris.

This isn't typical behavior within QuickBooks Online.  This is a known issue at this time that we are unable to change the home currency, and we are working on a fix as we speak.


As a workaround, please enter a bill for your home currency. Also, please note, when you go to switch currencies on the pay bills screen you must click the filter box and hit apply to display the bills in the foreign currency. We truly appreciate your patience while we continue to investigate this issue.

In the meantime, you can reach out to support and reference Investigation 53002, you will be updated as soon as we have a fix.

 

Check out this article on getting in touch with QuickBooks Online support: QuickBooks Online Support.

 

Please let me know if I can help with anything else, I'm happy to help! 

im_ferris
Level 1

Matching transaction with currency conversion and bank fee

Thanks for the quick update @Jessica_young! Glad to hear that it's being actively work on. I'll use your suggested work around for the time being and leave this item open until Investigation 53002 is resolved so that can be the final answer.

 

Have a great weekend,

Ferris

im_ferris
Level 1

Matching transaction with currency conversion and bank fee

Just checking in after a couple weeks @Jessica_young, is there any way to track Investigation 53002 or have an expected ETA for resolution? Thanks!

JonpriL
Moderator

Matching transaction with currency conversion and bank fee

I wish I could make it better, @im_ferris.

 

Our engineering team is working diligently so updates are provided on time so you and other users get back on track. And we're unable to provide the exact turn around as to when it will be available.

 

Rest assured that you'll receive all the updates via email message as long as your account on file has been associated with the said investigation. If you haven't yet, here how you can contact our dedicated support:

  1. Go to Help.
  2. Select Contact Us.
  3. Enter the investigation number in the What can we help you with? field.
  4. Click Continue.
  5. Choose a channel where you wish to connect with our specialists.

On top of that, I've also included this reference a compilation of articles you can use while working with us: Expenses and Vendors for QuickBooks Online.

 

We appreciate your patience as we're working on this. Please let me know in the comments below if you have any other questions.

user654321
Level 1

Matching transaction with currency conversion and bank fee

Is there an update to this issue? I am having the exact same problem.  I also use a bank that integrates with Trasnferwize and need to record the transfer and the fees seperately

AileneA
QuickBooks Team

Matching transaction with currency conversion and bank fee

I'm here to ensure you'll get the assistance you need to resolve your concern, user654321.  

 

As per checking with the investigation and verify with our engineering team, The status of this investigation is already closed.  

 

Let's isolate this case by accessing your account using a private browser. It could have something to do with temporary internet files. Browsing applications store these records, but sometimes they can cause issues on certain web pages. 

  

Here's how to access incognito mode in some of the most commonly used browsers:

 

  • Google Chrome: Ctrl Shift N
  • Mozilla Firefox: Ctrl Shift P
  • Safari: Command Option P

 

If the steps above works, I suggest clearing your browser's cache to boost browser-related issues. Some stored data on your browser can impact the data being transmitted, thus causing some unusual responses. 

  

On the other hand, If the steps above will not work, you can use supported browsers as alternatives.  

 

I'll be here to help if there's any questions. Have a lovely day!

Sophiedj
Level 1

Matching transaction with currency conversion and bank fee

Hi , I'm having the same problem too: making payments through transferwise including a USD wise fee, to a supplier billing in EURO. Has this issue been fixed? How can I best record this?

thanks for your advice

sophie

AlexV
QuickBooks Team

Matching transaction with currency conversion and bank fee

Good day, Sophiedj!

 

Thanks for joining us here. I understand that you need to pay the bills in foreign currency. I'm here to help you.

 

First, I recommend you perform AileneA's basic troubleshooting steps. QuickBooks Online is a web-based software which means its performance also depends on the browser you're using and internet speed.

 

If this behavior persists, I'd encourage you to contact our Support Team so they can investigate it.

  1. Click the (?) Help icon and enter Talk to a human (then type it again when prompted).
  2. When asked by the bot, enter "Pay bills".
  3. Select I still need a human, then proceed with Contact us or Get help from a human.
  4. Choose either Chat or Callback.

 

In the meantime, you'll want to record the bill in home currency so you can record a payment.

 

You'll want to visit this page: Expenses and vendors. This will show you more details on how to enter expenses, pay bills, write checks, and manage suppliers.

 

Comment again here if you need more help. We'll respond as soon as we can.

waheed123
Level 1

Matching transaction with currency conversion and bank fee

Same exact issue, please fix this. 

LollyNino_C
QuickBooks Team

Matching transaction with currency conversion and bank fee

I appreciate you for jumping into this thread and letting us know you have the same concern, @waheed123

 

I recommend that you start by following AileneA's basic troubleshooting instructions. QuickBooks Online is a web-based program, thus its performance is influenced by the browser you're using and your internet connection speed. 

 

As a workaround, please enter in a bill for the home currency. Also, please note, when you go to switch currencies on the pay bills screen you must click the filter box and hit apply to display the bills in the foreign currency. 

 

If this problem persists, I recommend contacting our Support Team so they can investigate it. Here's how to get in touch with our knowledgeable team:

  1. Go to Help.
  2. Select Contact Us.
  3. Enter the investigation number in the What can we help you with? field.
  4. Click Continue.

I've also provided a link to a feature article you can use while working with us: Expenses and Vendors for QuickBooks Online

 

If you have additional questions about working in QBO, drop me a comment. I'll be happy to help. Have a great day ahead.

Need to get in touch?

Contact us