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hello-akmenutrit
April 27, 2024
Question

How to categorise a transaction that's been split on 2 different accounts with 2 different currencies against a supplier with its own currency?

  • April 27, 2024
  • 1 reply
  • 0 views
Hi,

I have a Wise Business account, and several currencies attached to it. My base currency in Quickbooks is GBP.



I want to categorise a transaction that has been automatically split by Wise in EUR currency & in CHF currency (Wise took funds where there was available at that time, automatically). So the sum of the total cost of the transaction appears in 2 different accounts connected with Quickbooks.



The problem arise when I want to categorise those transactions against the supplier that I have created with a CHF currency (because all the other transactions were usually in CHF). I can record the CHF transaction just fine but for the EUR transaction, I have this error message : 

This transaction type doesn't work with foreign currencies. Instead choose Transfer and choose the foreign credit card in the Transferred To dropdown.
So I understand this is because of the mismatch between the supplier currency & the transaction currency, but then, how do I deal with that???

I have several other transactions in this way?

Thanks for any tips.

1 reply

MariaSoledadG
MariaSoledadG
April 27, 2024

Let's find out why you're getting an error so we can fix this, Akmenutrit.

 

This error happens because of the mismatch of currencies of your suppliers and transactions. You'll want to use the Transfer option or exclude the transaction instead. To exclude: 

 

  1. Go to the Transactions tab and select Bank transactions.
  2. Mark the checkbox of the transactions to exclude.
  3. Click Exclude.

 

Once done, the transaction moves to the Excluded tab of the Bank Transaction page. You can manually enter the transactions with the same currency to categorise them correctly. 

 

Moreover, learn how to reconcile your account to compare each transaction with the ones entered into QuickBooks and if everything matches your balance accurately. I've added this article for more details: Reconcile An Account in QuickBooks Online.

 

You can always reach out to us if there's anything else we need to do to help you. We're here to assist you further.

H
hello-akmenutritAuthor
May 3, 2024

Yes but if I use this solution, I will never be able to deduct the funds from the currency they were taken correct? 

Hence I will always have a huge discrepancy on my bank account for this specific currency?

 

What is the workaround? I can't believe I'm the first in this situation?

Or just recording a transaction for a supplier in USD Currency, while I paid with CHF and my home currency is GBP?

L
LollyNino_C
May 3, 2024

Thank you for getting back on this thread, Akmenutrit.

 

In QuickBooks, we cannot associate one vendor profile with multiple currencies. However, you can create a separate profile for the same vendor and assign the appropriate currency to each profile. This way, you can transfer the funds to the correct currency.

 

Here's how:

 

  1. Navigate to Expenses and then Vendors. 
  2. Click on the New button. 
  3. Choose a different currency in the Currency field. 
  4. Enter the vendor's name, making it slightly different by adding extra or special characters. 
  5. Finally, click Save.

 

You can read this article for more information about adding vendors with foreign currency: Add a vendor with a foreign currency in QuickBooks Online.

 

Additionally, I'll share with you these resources that may come in handy: 

 

 

If you have any further queries or issues regarding vendor management in QBO, let me know by tagging me in your response. I'll be happy to help you out promptly. Have a wonderful day!

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