Hi @Alex M, 

Can you explain the difference between the process you describe here, and the one at How to record a wire fee that has been deducted when receiving payment for an invoice?

I have a Canadian QBO account, and have CAD and USD bank accounts. I am receiving a USD wire transfer into the USD bank account for a USD invoice. Using your approach, which routes the funds through the Undeposited Funds account (which is CAD), causes a foreign exchange loss/gain. The approach on the other page, doesn't cause that loss/gain to be recognized now. (I expect, though, that both methods will show the same foreign exchange expense eventually, when I calculate the value at year end. Your method showing it in two entries—part now, part at year end; the other method showing it in a single year end entry.) (Correction: I see your method causes a second transaction which only records the foreign exchange gain/loss against A/R USD.)

Is your method better when the funds (and wire fee) is in a foreign currency (USD), but the bank account is local currency (CAD), while the other method is appropriate when the funds, fee, and bank account are all in the same currency? Are there other reasons why I would prefer one approach over the other?

Thanks.