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user57
December 15, 2022
Question

Wise Added as an app in QBO but transactions are showing up as accounts payable (Currency)

  • December 15, 2022
  • 2 replies
  • 0 views

I recently added Wise as an app within Quickbooks thinking the reconciliation would be easier. We pay USD but our contractors receive them in either INR, PHP, or ZAR. Unfortunately, it started to create these A/P accounts with their currency shown in negative balances. I created a separate account for them to be expensed immediately and not be A/P.

 

Anyone who's had a better luck in recording these transactions? What's your workflow?

 

 

#wise #transferwise #multicurrency #banking #reconcilingwisetransfers #recordingwisetransfers

 

2 replies

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Giovann_G
December 15, 2022

I'll share some information to help you manage your transactions, user57.

 

It's possible that you forgot to select a bank account for QuickBooks during setup, which is why separate account was created.

 

Certain functionalities must be turned on when integrating Wise with QuickBooks Online for transactions to be routed to the appropriate accounts. To do this, log into your Wise account and go to the Advance settings. Then, you can turn on the following features below to suit your business needs:

 

  • Sync bill and invoice payments: When you turn this on, any bills and invoices that are paid using Wise will be marked as paid in QuickBooks. If the payment information includes the recipient's name, the payment's total, and a reference, we will only mark the invoice as paid.
  • Record other transactions as Expenses: Turn this on to record all Wise payments that don’t have a bill or invoice as an Expense in QuickBooks.
  • Connected bank accounts: This will record your transactions to the QuickBooks bank account of your choice. If you skipped this step during setup. We’ll create an account for you.

 

If you're unable to locate these additional settings on your Wise account, I recommend reaching out to their support. They can help you since they are knowledgeable about their product.

 

Once everything has been resolved, you can go to this article for instructions on how to complete the reconciliation: Reconcile an account in QuickBooks Online.

 

We're always here to help you if you need anything else in QuickBooks. Have a great day.

U
user57Author
June 20, 2023

Thank you for the response. It's been a while since I enabled those settings in Wise that you mentioned - you can see them checked on the photo attached - however, most are still going to A/P and only a handful is correctly categorized as an expense.

 

If we just let it be, can I just automatically recategorize the A/P as an expense without creating anymore documents like a bill or expense payment?

A
AbegailS_
June 20, 2023

Hi there, @ user57.

 

I appreciate you for getting back to us and adding a screenshot. I'm here to provide additional information. 

 

The transactions downloaded into QuickBooks depend on the information your financial institution provides. That being said, I recommend contacting Wise to check if there's a setting that can help recategorize your transactions. 

 

Once you're all set, feel free to utilize these articles that can guide you in keeping your accounts organized:

 

 

I'm also adding these helpful modules about handling reconciliation: 

 

Let me know if you have other concerns about managing your bank transactions in QBO. I'll gladly help. Have a great day.

Fiat Lux - ASIA
Fiat Lux - ASIA
December 16, 2022

@user57 

If you are using QBO US version and your company is located in the US, I would recommend to signup for a separate Melio account for free to pay your international contractors including  India, Philippines and South Africa. It costs $20 per payment.

https://affiliates.meliopayments.com/pricing

 

  

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