Trouble using software with Bank account with different currency from home account

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Hello,

I was trying the trial and tried to import information from my bank account.  I have QuickBooks Pro 2013 and have enabled multi currency,  My home currency is US Dollars.  This account is in Euro.  The bank allows me to download transactions into an Excel.

For my test the software detected the following fields:

Row#       Date          Amount      Memo
000001    5/01/12      500.00       Very Long String with the Actual Payee and transaction numbers

It set the rest as Do Not Use.  There was nothing else that matched anything of use anyway except perhaps the currency?

When I tried to upload this it just said "an error occurred importing your online download.  Your data was not imported"

I also tried with your other product CSV2IIF.

Using the same input file it appears to create 2 new accounts with no MEMO description in USD currency.  But at least something happens  What I need to know is how do I format my input to get this to work where it will import in the right currency?  I will of course need to be able to do this repeatedly and will not like having to create a new account every time I try to import my bank statement.

  

 

asked Nov 4, 2014 by anonymous

5 Answers

Hello Erly,

For non-USD accounts you should use CSV2IIF. To create useful IIF file, make sure that the file has the Category/Account column, and every transaction has the column filled with actual expense account names (or numbers depending on your setup) as you have in QuickBooks.

Enter the account NAME as the bank account name you have in QuickBooks for that account. Also on the transactions tab, make sure the Account Name COLUMN is empty.

IIF has no currency since the amount is applied to the account it is imported into (so the amount is in the currency of the account).

 

answered Nov 4, 2014 by sergiy
I don't have the payees set up. All I want to do is get the transactions in the QuickBooks then I can go back and modify each transaction. The bank account name in Quicken is "Personal Checking at ABN AMRO" I created a new vendor called "Euro Withdrawal" and a new customer called "Euro Deposit" just for the purposes of setting them up as Euro currency accounts. I don't know if I need them or not. I just want these to go into the bank account and then allow me to modify them to the correct depositors and payees.

Please let me know if I need to create any other accounts or types like a deposit account or something. Please let me know how i would need to modify the original BankInputFile and the Output IIF. The initial run used all my transactions up for the trial. If you can show me how to do this then I will make the purchase so I can get all of them in. Thanks!
answered Nov 4, 2014 by anonymous
Hello Erly,

When you import the IIF file, QuickBooks should create new payees and missing accounts itself.

answered Nov 4, 2014 by sergiy
Hi,

The file imports but it creates two accounts in US Dollars. One with the account number that contains mostly negative transactions and one called simply Checking that contains the opposite. The negative balance on one = the positive balance in the other. That is not what I want to happen. I need the transactions to go into the Euro account and I need to know where to modify either the input xls or the output iif files. I will have to do this every time I download new transactions so I need it to be repeatable.

I am not a QuickBooks accountant. I am a musician just trying to keep track of CD sales, gigs and paying my band. So I am sorry that I need the exact steps or an example file created from my example to know how to do this. How do I add a Payee to the IIF or make it put the Memo as the Payee?

Erly
answered Nov 4, 2014 by anonymous

Hello,

here is what should be done:

  • the excel file has the first column as "accountnumber". I assume this is actual checking account on which transactions are happening
  • please remove account number column in Excel
  • the excel file does not have the payee column, only the description. Please add description column and fill it with payee names as you have them setup in QuickBooks
  • the excel file does not have the expense account (category) column. Please the column called Category and fill it with the QuickBooks account name for expenses. The expenses account name you can find in the Chart of Account in QuickBooks. It could be just digits for 'standard' expenses, or something like 'Office expenses'. Check you QuickBooks chart of accounts. Your transactions could belong to more than one expense account
  • once this is done, load excel file in CSV2IIF, and verify the transactions grid to have  date, amount, payee, category, description.
  • enter the bank account name as you have in QuickBooks in the extbox above the transactions grid
  • save the IIF file and import into QuickBooks
  • you should see all transactions under the bank account, and also under the expense accounts
     
answered Nov 4, 2014 by sergiy
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