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How to Enter Bills that are Adjusted by Currency Exchange Rates in QuickBooks
Published 04/01/2011 | 
We have had numerous bills from Italy where the invoice states one amount, and the bank charge states another; off by several cents to several dollars. I have been going back in to the initial bill and changing the actual charge. (Hope that is correct.) Also, we then have foreign currency conversion fees that I have been coding to Wells Fargo Foreign currency conversion fees as an expense.
The difference is due to exchange rates. If you want to track this, create a new expense account for it. If not, just change the charge to the actual amount you were charged.
The Wells Fargo currency conversion fee is a bank charge.
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth is the president of The QB Specialists, Inc. and has provided QuickBooks help to thousands of businesses around the world since 1996. She is an Intuit Solutions Provider, an Advanced Certified QuickBooks ProAdvisor, and a member of the Intuit Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and QuickBooks Enterprise Solutions.
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