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ajmasci
Level 1

Forex transactions on my INR credit card appear on my account as multiple records (INR converted amount, bank fee, tax). How do I account for these in QuickBooks?

Because of the way the bank does this, my QB account shows 3 records. Is there a way to account for these in QuickBooks so that I can allocate them all to the single expense?
1 Comment 1
JessT
QuickBooks Team

Forex transactions on my INR credit card appear on my account as multiple records (INR converted amount, bank fee, tax). How do I account for these in QuickBooks?

Hello ajmasci!

 

I know that your books will look tidier if you only see a single expense for each record. However, there isn't a feature that will combine bank transactions into one. Besides, this happened in the actual. Why not keep them this way, and add them individually so you won't have issues during reconciliation?

 

If you have a lot of forex transactions, you can use a bank rule to automatically categories each record. One for the converted amount, one for the bank fee, and one for the tax.

 

Here's a sample bank rule for the bank fees:

  1. Click on Banking and choose Rules.
  2. Choose New Rule.
  3. Enter the details of the bank rules like in this screenshot.
  4. Click Save.

For more information about bank rules, you can refer to this article: Set up bank rules to categorize online banking transactions in QuickBooks Online.

 

Let me know if you have other questions in mind.