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nick-goldricknat
September 18, 2024
Question

Duplicate Transactions and Currency Mismatch When Categorising Foreign Currency Supplier

  • September 18, 2024
  • 1 reply
  • 0 views
Hello,

I am experiencing an issue when categorising a foreign currency supplier in QuickBooks. 

Here is a detailed description of the problem:

When I categorise a bank feed transaction from a supplier who uses a foreign currency (in this case, EUR), the bank feed amount is in GBP (Pounds).
After categorising this bank transaction, QuickBooks is automatically creating two separate entries under the same bank transaction.
Both entries display the GBP amount (e.g., £86.72) but are shown in EUR (€86.72), which is incorrect since it should reflect the actual conversion rate.
As a result, I end up with two duplicate deposits under the matched transactions list, both showing the foreign currency (EUR) with the incorrect GBP amount.
I have attached a screenshot for reference, which shows how the transaction is incorrectly duplicated in euros.

Thank you for your help.

1 reply

C
Carneil_C
September 19, 2024

Hi, @nick-goldricknat. I know some possible reasons for what causes your transactions to be duplicated after categorising them in the bank feeds.

 

Let me share it with you so you can manage your transactions seamlessly in QuickBooks Online (QBO).

 

Duplicate entries appear when you categorize the transaction using a Bank account as a Category. To sort this out, you can follow the steps below on how to do so:

 

  1. Go to the Transactions menu and choose Bank Transactions.
  2. From the Categorised Tab, find the transaction.
  3. Click Undo from the Action column.
  4. Once done, go to the For Review tab and click the transaction to modify it.
  5. Then, select the category under the Category drop-down.

 

Otherwise, categorising a transaction to a foreign vendor leads to having an amount in foreign and home currency.

 

Moreover, QuickBooks downloads and uses exchange rates from the IHS Market. Thus, it's also possible that there's a new rate. With that, we can manually enter the exchange rate for that date. Here's how:

 

  1. Go to the Settings, then select Accounts and Settings.
  2. Click Advanced.
  3. From the Currency section, choose the Manage Currencies link.
  4. Find the exchange rate you want to update and select Edit currency exchange in the Action column.
  5. Hit Save.

 

Learn more about enabling the multicurrency feature in QBO: Set up and use Multicurrency in QuickBooks Online.

 

Furthermore, QuickBooks uses exchange rates for foreign currency transactions. For more information, check out our resource: Learn about exchange rates in QuickBooks Online.

 

You reply below if you need assistance organising your transactions in QBO. We'll be right to help.

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