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JonSWR
August 12, 2020
Question

How to properly match USD payment and wire fee in bank feed

  • August 12, 2020
  • 1 reply
  • 0 views

Hi,

 

This is for an expense, not a deposit.  We're Canadian but paid a bill to a US shipping company, say $200 USD.  The bank then charged $15 for a wire fee.  In the bank feed, it shows up at $215 debited from the USD account.

 

Since I created an invoice for $200, this doesn't match with the $215 in the bank feed.  I tried creating an expense for $15 for the wire fee (different supplier, i.e. payee is the bank), but QB won't identify that these are related even though they have the same date.

 

How do I match these two expense to two different suppliers to a single transaction in the bank feed?  Or do I have no choice but to exclude this and manually reconcile these two separate expense, is that even possible?

 

Thanks.

1 reply

L
LauraAB
August 12, 2020

Hello again JonSWR,

 

I appreciate the amount of detail you've included here for what's going on with your USD bank feed transactions in QuickBooks Online. I have a clear sense of what's going on and can explain how to move forward with this kind of transaction in your books.

 

The option to connect your bank to the feed in QuickBooks Online can definitely speed up the process when it comes to entering and even reconciling transactions. When you add or match a transaction from the bank feed, the program recognizes that you're already comparing what's in QuickBooks to what's on your bank statement. This performs what I like to call a "soft reconcile," meaning these transactions will already be accounted for when you go into the reconcile feature.

 

For foreign currency bank feed connections, the program has a few limitations. Matches will only appear for transactions when the details are an exact match and there aren't any payments against the open transaction in QuickBooks. The dates can be different to account for things like a bill received and then the date of the payment, but in terms of amount and other such details, the program looks for exact figures. If both the bill in the program and the payment in the bank feed were for the same amount, then the program would show you the potential match.

 

As for matching a single transaction to different vendors, that's not something that's available for bank feeds regardless of currency.

 

In this case, excluding the transaction from the feed is the best course of action. Doing that doesn't impact the transactions you have in your books, and all you'll have to remember is that you need to manually reconcile transactions and that it's two separate transactions in QuickBooks making up the single amount on your bank statement.

 

Here are some articles that can help with these processes, but don't be afraid to ask more questions if you have them or would like clarification.

Have a great rest of your day!

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