Hi Jovelyn,
Appreciate the response.
To help ensure we are of the same understanding I wanted to share my exact process steps & how with you below so I can rectify my current 6 months of reconciled accounts for future correct processing in QBO.
My current process steps are as below:
- USD payment is received for AUD invoice in the USD FX Bank Account
- USD is exchanged at AUD spot rate in USD FX Bank Account
- AUD amount is transferred and deposited into AUD Business Bank Account
- AUD deposit in AUD Business Bank Account is linked to QBO and recorded in the Business Bank Account-Account Type Cash and cash equivalents-Detail Type Cash and cash equivalents-Home Currency AUD
- AUD deposit is then Categorised as a Transfer from USD FX Bank Account-Account Type Cash and cash equivalents-Detail Type Cash and cash equivalents-Currency USD with the Exchange rate from step 2
- AUD invoice is then identified for AUD deposit and applied as a payment
- Reconciling linked Business Bank Account-Account Type Cash and cash equivalents-Detail Type Cash and cash equivalents-Home Currency AUD monthly balances from monthly statements
- Reconciling un-linked USD FX Bank Account-Account Type Cash and cash equivalents-Detail Type Cash and cash equivalents-Currency USD requires manual transaction entry from monthly bank statements which has balanced
My problem seems to be that when Categorising the USD payment as Accounts Receivable (A/R) - USD in the un-linked USD FX Bank Account-Account Type Cash and cash equivalents-Detail Type Cash and cash equivalents-Currency USD it creates an un-balanced amount because it is not applied to an invoice.
- Would changing the Categorisation to Cash on Hand provide a solution?
- If not can you help me understand the steps to process in QBO once I have added this Dummy/Clearing FX Account with home currency AUD within an extension of the process steps above including how I achieve balanced reconciliation.
Many thanks for your assistance to get this right,
Phillip
