There are things we need to consider for the bank transactions with foreign balance to appear when doing reconciliation in QuickBooks Online (QBO), BONFACE.
Let's make sure we enable the Multicurrency feature is enabled before we can record or view foreign balance transactions. Then, ensure we add an account that uses a foreign currency. For the steps and details, you can check out this article: Set up and use Multicurrency in QuickBooks Online.
If you have connected banks that use foreign currencies, we can add transactions in those currencies to the program. Here's how:
- Go to Transactions and choose Bank transactions.
- From the For review tab, open the transaction details and click Add.
- In the currency fields, enter the foreign amount or the exchange rate your bank provides.
QBO calculates the total, and the Bank Detail or Bank Description fields display the transaction as your bank displayed it on your statement, usually with the amount and currency. To view bank transactions with a foreign balance, run the Balance Sheet Detail report. Let me guide you on how:
- Go to Reports on the left menu and choose Standard reports.
- Search for Balance Sheet Detail and click the result.
- Click Customise.
- Under Rows/columns, click the Change Columns link.
- Select the Currency and Foreign amount checkboxes.
- Click Run Report.
Once done, reconcile your accounts so they always match your bank and credit card statements.
Feel free to visit us back through this thread if you need more help with your bank transactions or any QuickBooks-related concerns.
