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Pivital
June 2, 2025
Question

Foreign transaction issue while reconciling: Yes we already use bank matching

  • June 2, 2025
  • 1 reply
  • 1 view

Is anyone else having a new issue?   Last month when reconciling the April month end bank statements,  I noticed an issue with our reconciliation module - it did NOT adjust the matching of our foreign items.   Normally,  what happened is that when "matching" each transaction in the banking module,  the system would automatically update the value of our foreign items to correspond with the exact translation per the bank however that is no longer the case.   In April,  I assumed there was a glitch in the system as frequent updates seem to occur and this month I was mindful of only entering foreign transactions on the date they posted to the bank seemingly thinking this would align the translations however again this  month while reconciling the May statements,  I had to record a manual journal entry to adjust each of the 50+ transactions we have in foreign currencies.    I am having a difficult time understanding what exactly changed.   I am aware that often there is a difference in exchange once posted but that's never been an issue before when I use the banking matching module.   Can someone advise if I need to change a setting or what exactly I need to do in order to revert to a seamless reconciliation of our bank statements.   

1 reply

JoesemM
JoesemM
June 2, 2025

We can review the exchange rates you've set up when using the foreign currency transaction, Pivital.

 

When using foreign currency ensure that the exchange rates are from the IHS Markit so the system will automatically match the download transaction. To review the setup, follow the steps below:

 

  1. Go to the Gear icon
  2. In the All lists column, click Currencies.
  3. Click the Edit currencies exchange dropdown.
  4. Ensure that the Market Rate is selected.
  5. Click Save.

 

Also, when matching your transactions, you can select Find other matches to ensure that the correct exchange rates are applied appropriately.

 

Here's how:

 

  1. Go to the Banking menu.
  2. Select the tile for the account you want to review.
  3. Go to the For review tab, then find and select the downloaded transaction you want to match.
  4. Click the Find other matches button.
  5. Toggle the Foreign currency button to find your foreign transaction.
  6. Click Match.

 

However, if all the currencies are correctly set up, I'd recommend contacting our Live Support Team. They can look into this further and provide additional troubleshooting steps to resolve the issue. To contact them, just click this link: QuickBooks Live Support.

 

On the other hand, I'll be sharing this link on different methods to create currency adjustments to balance your account, similar to the journal entry you created in QuickBooks: Enter home currency adjustments for your foreign balances.

 

Once you're done reconciling, QuickBooks automatically creates a reconciliation report that you can refer to when reconciling next month. For more details, click this article: How do I view, print, or export a reconciliation report?

 

If you have other questions related to the reconciliation process or any concerns about QuickBooks, please let me know. I’m here to help.

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