Hi StrugglingStartup,


Thank you for adding to the discussion. QuickBooks provides an easy way to record wire transfer charges to a foreign currency deposit in the system. I'd be glad to help you with this.

The two methods are equally useful depending on the transaction. The steps mentioned by Alex are used when the invoice is already recorded in the home currency but the deposit is made in foreign currency. This process consists of deducting the fees on the deposit by first accepting the invoice's payment via the undeposited funds. However, the steps in this article explains how to record the wire transfer to a foreign deposit without impacting the undeposited funds account.

If you're unsure of which method to use, I recommend that you consult an accountant with QuickBooks Online. They can explain which option is best for you and how it can impact your books. In case you don't have an accountant, you can find one in your area by clicking on My accountant tab > Find a pro to help.

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Let me Know if you have any questions, I'll be happy to help.