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maxmar80
October 9, 2021
Question

Multi Currency Bank Statements

  • October 9, 2021
  • 1 reply
  • 0 views

Hello, I have such a hard time to reconcile multi currency accounts.

I use QB deck top Pro2021.

This is my first time using multi currency accounts.

- I did turned on the multi currency 

- I did add the bank accounts EUR, ILS and GBP and of course USD

- I have 4 bank accounts statements I need to  reconcile.

- the company doesn’t have A/P and A/R it is cash base.

How do I start the reconciliation,I do reconcile bank accounts with no multi currency but the multi currency it is a bit different because of the exchange rate and I am confused.???

The company dose multi currency only for the exchanging rate from USD to ILS, EUR, GBP. The profit is from the percentage made in exchange.

I do have the rate exchange per each day and I would like to enter it manually.

The company has many other accounts that I am reconciling  for many years with out multi currency but now I have to use multi currency which I am a bit confused.

 

Please help me to start to reconcile these accounts with multi currency? What will be my first step?

It will be very much appreciated🙏

Mariana!

    1 reply

    RenjolynC
    RenjolynC
    October 9, 2021

    I hope you're doing well, Mariana.

     

    I'll share some info about your concern. 

     

    At the moment, the ability to reconcile a foreign currency is unavailable in QuickBooks Desktop. The only currency you can adjust is your home currency. 

     

    What you can do is create a journal entry to match your records to your actual bank statements. Before doing so, I recommend consulting with your accountant for advice. They can provide details on what accounts are affected to ensure your reports are accurate. 

     

    For creating a journal entry, you can follow these steps:

     

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

    Here's an article for more details: Create a journal entry in QuickBooks Desktop for Windows or Mac.

     

    I'm also adding this guide on how to reconcile an account in QuickBooks Desktop: Reconcile an account in QuickBooks Desktop.

     

    In case you encounter issues with the reconciliation, this link includes the steps to resolve it: Fix issues when you're reconciling in QuickBooks Desktop.

     

    Please don’t hesitate to leave a Reply below if there's anything else you need. I’m always here to help. Keep safe!

      M
      maxmar80Author
      October 9, 2021

      Hello Renjolyn C,

      Thank you so so much for your help with my questions, I really appreciate it.

      I am a bit confused please confirm with me few things, now I have the bank statement for example in EUR with all the transactions few transactions per day and which it has a balance, how I will reflect the ending balance in Journal Entry? 

      How about the exchange rate because each day is different rate I need to make a JE per each day to match the numbers in the bank statement??

       

      Please, please help me by answering these questions, I am really under a pressure now because I have a report to be done and be submitted but I am not done entering these foreign bank accounts transactions  🙏🙏😔.

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