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Transferwise EURO Account

We have a Transferwise EURO Account for some customers to pay us in Euros.

When I go into Transferwise to download the statement and then upload in QF, it does not bring the transfers between my Transferwise account and into our current account.

How do I input these transfers manually as I can’t see the option in Transferwise QF? Or should I find the transferred amount in my current account and tag as a bank transfer from Transferwise? Then the issue of the conversion, can select the conversion rate manually?

Now I have a transfer from March to do, however I have already tagged the amount in the current account as Sales and now the transaction is locked due to being processed in Q1 VAT. However, I need to put this transfer in my Transferwise account or it will not reconcile, what should I do?

Any help would be much appreciated.

Hi @darrell_j_freeman

You can use the Input transaction button on the bank statement view to manually input a transfer.

You can certainly tag the current account transaction. You would then enter the EUR value and it would calculate the exchange rate based on this:

The transfer from March - would I be right to think that you’ve just tagged the GBP transaction straight the invoice skipping out the TransferWise transfer?

Hi @QFMathew ,

Yes you are correct, we have just tagged the GBP transaction, skipping out the Transferwise transfer.

How do you think I fix this as transaction was in March and locked due to Q1 VAT return.

Thanks,

Darrell

If your bank balances are all correct, then you can just leave it as it is.

I would assume you have a matching EUR transaction in the Transferwise account which would normally have been tagged to the invoice? If this is the case (and this is untagged given you’ve tagged straight from the GBP account), you can delete it.

The key thing is that what’s paid has been marked as paid, and that your bank balances are all correct.

Unfortunately, the Transferwise account is showing an increase over the bank balance of the amount that should be transferred. The current account is fine. Maybe I just delete the transaction from Transferwise?

If it is a duplicate transaction then deleting it wouldn’t affect the ledgers. Without seeing the transactions I wouldn’t like to tell you whether it would be ok to delete or not.

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