HOME / COMMUNITY Switch to knowledge base

Incorrect FX caused a 100x debit error

Hi,

I moved RUB 9,097.01 from my Transferwise RUB bank account To your EUR balance on TW (EUR 100.86) but for some reason, in the Suspense account,w I see that 819550.45 GBP have been Debited and GBP 9086.49 have been credited to the Suspense account.

This obviously messes up the accounting completely. How can this be fixed?

Hi @vsjeff

As the reporting is all set to the base currency of GBP, there will be a GBP entry for this transfer.

However, that does seem like quite a bit of variance there. Is that just from the one transfer, or is this a build up from several transfers?

This happened to my last transfer in December 2020, previously things worked well. I can not confirm if the issue exists at the moment, since I have not made any RUB payments after that transaction.

My Assumption is that instead of multiplying the RUB value by 0.0111 (TW Settlement rate), Quickfile has divided the amount by 0.0111 → hence the number in thousands

Hi @vsjeff

I know it has been a few weeks now, have you had this happen again? We have been unable to recreate the error