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jackie1776
March 27, 2023
Solved

Depositing 2 USD checks and 1 CAD check into USD account, can't match the bank feed deposit

  • March 27, 2023
  • 2 replies
  • 0 views

I have a deposit of 3 checks. Each were payments for multiple invoices:

  • $19036.25 USD
  • $33100.00 USD
  • $8861.00 CAD, which became $6241.46 USD when deposited

Total: $58377.71

 

I need to match the bank feed deposit of $58377.71 to the payments.

 

It lets me select either USD payments or CAD payments but not both.

 

After reading the multicurrency FAQ, I set up a pretend "bank account" in QBO called "CAD-USD Workaround" and deposited the CAD check to that, then transferred the correct USD amount to Undeposited Funds.

However, when I go to create the bank deposit, the $6241.46 USD from the CAD check is not available to add to the deposit. Only the 2 USD checks are.

 

Similarly, if I go to the bank feed and try to match it, only the 2 USD checks are available to be matched. The $6241.46 USD amount is not listed.

 

How do I match the bank feed deposit?

 

Update 1: False hope

 

I figured it out!

 

1) Entered a deposit of the 2 USD checks.

 

2) After following the steps to deposit the CAD into the CAD-USD Workaround "bank account" and transfer the CAD amount to the correct USD amount into Undeposited Funds, I made a journal entry to debit Checking credit Undeposited Funds for the correct USD amount.

 

3) I was then able to match the bank feed deposit to the 2-check deposit + journal entry.

 

Everything is cleared!

 

Update 2: New problem to resolve

 

I spoke too soon. Now when I go to enter future bank deposits, I have a negative amount (-$6241.46) hanging around in the Bank Deposit screen.

 

So there is still an uncleared portion that I do not know how to resolve.

    Best answer by jackie1776

    After trying six different things during a screenshare call, my CPA and I finally solved this:

     

    First, create two workaround accounts:

    CAD-USD Workaround Receive Payment ("bank account" denominated in CAD)

    CAD-USD Workaround Resolve Deposit (other current asset denominated in USD)

     

    For the CAD check, receive the payment into the "CAD-USD Workaround Receive Payment" account

     

    Go to the bank feed and match the transaction to the USD portion of the deposit, then click Resolve down at the bottom for the discrepancy

     

    Resolve the discrepancy in the deposit by entering the USD amount received for the CAD check from the "CAD-USD Workaround Resolve Deposit" account

     

    Do a Transfer from the "CAD-USD Workaround Receive Payment" account to the "CAD-USD Workaround Resolve Deposit" making sure that the date and exchange rate are correct (need to use a lot of places behind the decimal point to get it exactly right).

    2 replies

    MJoy_D
    MJoy_D
    March 27, 2023

    I can help you with recording your bank deposit, @jackie1776. 

     

    From your Bank Deposit page, make sure to set the filters like the Currency and Select the payments included in this deposit. Go to the Currency box and make sure to choose CAD Canadian Dollar. Then, set the  Select the payments included in this deposit as All Locations. Check the screenshot below:

     

    Refer to this article for more information about recording and making bank deposits in QuickBooks Online. You can also follow the steps outlined in that article on how to check any available payments left from your Undeposited Funds account. 

     

    From here, you can now match the downloaded transaction with one you already entered in QuickBooks Online: Categorize and match online bank transactions in QuickBooks Online.

     

    Let me know if you have further questions about creating a bank deposit and matching them. I'm always here to help. Have a great rest of the day!

    J
    jackie1776Author
    March 28, 2023

    Thanks but I already tried that. It won't let me select both CAD and USD for the same deposit. When I switch currencies to check the other amount, it unchecks what was already checked.

    I also tried entering it as two separate deposits, then matching those deposits to the bank feed deposit, but the amount that was originally CAD does not show up as a match option.

    J
    jackie1776AuthorAnswer
    May 11, 2023

    After trying six different things during a screenshare call, my CPA and I finally solved this:

     

    First, create two workaround accounts:

    CAD-USD Workaround Receive Payment ("bank account" denominated in CAD)

    CAD-USD Workaround Resolve Deposit (other current asset denominated in USD)

     

    For the CAD check, receive the payment into the "CAD-USD Workaround Receive Payment" account

     

    Go to the bank feed and match the transaction to the USD portion of the deposit, then click Resolve down at the bottom for the discrepancy

     

    Resolve the discrepancy in the deposit by entering the USD amount received for the CAD check from the "CAD-USD Workaround Resolve Deposit" account

     

    Do a Transfer from the "CAD-USD Workaround Receive Payment" account to the "CAD-USD Workaround Resolve Deposit" making sure that the date and exchange rate are correct (need to use a lot of places behind the decimal point to get it exactly right).

    AlcaeusF
    AlcaeusF
    May 17, 2023

    Hello jackie1776,

     

    I have reviewed the solution you’ve shared and it's correct and accurate. Thank you for sharing your inputs to help address the issue.

     

    We love to see members supporting one another! Have a great day.

     

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