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S
Selkies
March 6, 2021
Question

Payments to Suppliers made via foreign exchange partner aren't matching because payments aren't named with supplier name

  • March 6, 2021
  • 1 reply
  • 0 views

I have invoices from European suppliers these are paid monthly but via a foreign exchange partner so when the transactions come through on the banking they have the name of the foreign exchange bank not the supplier name.  How do i match these.  Also i have recorded bill payments against the invoices so the amounts still due are correct but the transactions are unmatched in banking.

finally cost of sales account had duplicated entries because each customer invoice was allocating cost of sales (cost of goods) to the cost of sales account as per the price of the stock when we purchased it.  However we were categorising the foreign payments to cost of sales resulting in duplication so what account should these payments to suppliers go under?

1 reply

J
JonpriL
March 7, 2021

Hello @Selkies,

 

All details of your downloaded transactions is based on the information provided by your financial institution. With this, I'd recommend contacting their Technical Support so one of their specialists help you map the accounts and names of your transactions accordingly.

 

In the meantime, you have the option to exclude all your existing downloaded transactions since they can't be matched because of the incorrect names on file. Let me show you how.

  1. Go to Banking.
  2. Select your bank account.
  3. Under For review, select all your downloaded transactions with incorrect names.
  4. Click Exclude.

From here, consider updating the connection of your bank after contacting them so you can get back to reviewing and matching your transactions correctly. Learn more about the steps with this article: Categorise and match online bank transactions in QuickBooks Online.

 

Meanwhile, I'd recommend contacting your accountant for advice in choosing the account category you need to use for your transactions. They can help and guide you with the appropriate steps so your payments won't create duplicate entries.

 

Additionally, I've also included this reference for a compilation of articles you can use while working with us: Banking for QuickBooks Online.

 

If there's anything else that I can help you with, please let me know by leaving any comments below. I'll be here to lend a hand.

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