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April 18, 2023
Question

recording foreign currency transactions accurately

  • April 18, 2023
  • 1 reply
  • 0 views

I have a continual problem reconciling bank and quickbooks FX transactions.  Suggestions please.

- I make a transfer from a UK bank to my Wise sterling account and record it as a transfer (no problems with reconciliation)
- I transfer from Wise Sterling to Wise Euro and record it as a transfer (no problems with the reconciliation in the sterling account) but Quickbooks chooses its own transfer rate and Euro Account shows a discrepancy (does not reconcile)

- The euro account still has a transfer into it showing and this has to be excluded now to get anything like an accurate resolution - but I still have the mismatch in reconciliation quickbooks and bank that i can't seem to resolve.

 

Advice please

 

1 reply

April 18, 2023

Hi RobertCG, thanks for joining the Community 

 

QuickBooks uses exchange rates downloaded from IHS Markit based on their daily closing rates, however, if needed, you can edit the exchange rate for each foreign currency as well as on individual transfers and transactions.