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H
Helen2021
September 15, 2021
Question

Multi Currency Bank Reconciliation

  • September 15, 2021
  • 1 reply
  • 0 views

If we set up USD as home currency, how could we do the bank reconciliation since we have two bank statements, one is in USD, the other is in CRC. Does that mean we could set up home currency bank account and CRC bank account. But I'm not sure how we do the reconciliation with CRC bank account. Would you please advise? Thanks for the help.

1 reply

M
MadelynC
September 15, 2021

I’m here to help and provide information about multi-currency bank reconciliation, Helen.


QuickBooks Desktop (QBDT) doesn’t have the ability to reconcile a foreign currency other than the home currency. However, you can create a journal entry to match your records to your actual bank statements.


Here’s how:

 

  1. Go to the Accountant menu.
  2. Choose Make General Journal Entries.
  3. Fill in the necessary information.
  4. You can also enter details in the Memo field to easily track this transaction.
  5. Select Save & Close.


I also suggest consulting an accountant to guide you further. He/she can assist you with the correct posting accounts. This way, everything is accurate.


Moreover, you can use this guide anytime you need help doing or fixing a reconciliation: Learn the reconcile workflow in QuickBooks. This confirms that the company’s financial records correspond to the amount that has been spent. And both are balanced at the end of the reporting period.


If you have other concerns or questions besides reconciliation, please don’t hesitate to tap the Reply button below. I’m always here to help. Take care!

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