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Sapta Donoghue
June 3, 2022
Question

Currency Exchange for Visitors- How to Record?

  • June 3, 2022
  • 1 reply
  • 0 views

Hi there,


I had family visit in Ireland and they wanted to convert currency into euro and withdraw immediately the cash so in my quickbooks I have a lodgement and a withdrawal. How do I record this as it was not my own personal earnings- I was just letting them use my account to exchange? 

Thanks for any help! 

1 reply

A
Alex M
June 3, 2022

Hi there Sapta Donoghue,

 

It's vital that all your transactions be entered correctly so that your books can be well balanced. QuickBooks Online is a great tool able to keep track of your account so you can see the financials of your business. I can point you in the right direction for assistance with entering this transaction.

 

In order to make sure that this transaction is correctly represented in your books, and that all accounts are affected in the right way, I recommend reaching out to an accountant. They'll be able to provide you with the best transaction type as well as which accounts to affect so that all is balanced. You can add your accountant to your QuickBooks account for them to have access to your books by going to the My Accountant tab. You can also find an accounting professional near you that has experience using QuickBooks by clicking on the Find a pro to help option located in that section.

 

If you have any other questions, feel free to reach out here.

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