recording foreign currency transactions accurately
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
