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Swordfish
March 15, 2020
Question

i'm stuck on 2 transactions (one is FX). can someone help?!

  • March 15, 2020
  • 1 reply
  • 0 views

I'm not sure that a forum is the best way to answer this question but I'm not aware of the alternative. Would the help line be better? I spoke to them once and didn't get the impression that they were particularly knowledgeable?

 

Anyway so here's the transaction. I hope someone can advise.

 

In Jan one of our companies asked for a bill / transfer for, say, $10K USD. In response to this we paid them about $13K CAD in 3 separate payments. When I see the bill in Quickbooks it shows both the USD and the CAD amounts, and the CAD amount is about $600 different than the amount we paid them. I'm guessing this is an FX issue. How do I tie these amounts together and mark this bill as paid?

 

Secondly, in the For Review banking section I see a few wire payments made where the Category or Match section says Uncategorized Asset, and the dropdown asks me to select transfer account. I dont want to do that, I want to mark this against a Vendor's bill. How do I do this?

1 reply

A
AndréB12
March 16, 2020

Hey Swordfish,

 

It's awesome that you're taking full advantage of QuickBooks Online's powerful multi-currency features. The system is designed to simplify your bookkeeping, regardless of how many currencies you do business in. I'll be happy to help you record this bill and the payments. 

 

The best way to ensure accuracy when matching foreign currency transactions is to make sure they're identical. Since your bill has a different amount, I'd recommend opening it to adjust the posted exchange rate. As exchange rates change often throughout the day, and different institutions include different spreads, it's important to make sure they match. This ensures your exchange gains and losses will be calculated correctly. Once that's done, you can easily record the three different payments by similarly making sure the exchange rate is accurate. For additional assistance with this, don't hesitate to reach out to an agent using one of the methods below. They'll be able to guide you in real-time.

 

Phone and Chat: Click Contact Us to learn how to reach phone and chat support.

Schedule a Callback: click (?)Help in the upper right > click Contact Us > explain your situation > click Let's Talk > choose Get a callback (Note: Callback hours are the same as regular phone hours.)

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Don't be afraid to get in touch! I'm confident we'll have no problem getting these matched.

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