If you haven’t already, connect your QuickBooks Online account to your Wise account. Once you’ve connected, you can manage the following from your connection settings:
Import bills to Wise
Automatically record transactions to QuickBooks
Advanced settings
Sync bill and invoice payments
Record other transactions as Expenses
Connected accounts
QuickBooks also allows you to sync your Wise Bank feeds, but that part of the connection is managed by QuickBooks. Follow these steps to see a list of transactions for each of your Wise currency accounts within your QuickBooks Banking Transactions.
Import bills to Wise
Turn this on to see your unpaid bills in real time and pay them seamlessly from your Bills page.
We’ll automatically remove or skip any bills you mark as paid in QuickBooks. Note that this means if you have paid a bill through another provider and haven’t marked it as paid in QuickBooks, it will still be visible in your Bills page on Wise.
Automatically record transactions to QuickBooks
Turn this on and when you pay or get paid through Wise, we’ll automatically mark bills and invoices as paid in QuickBooks. Check out our bill payment example below.
Advanced settings
Easily manage which additional settings you want on or off to suit your business needs:
Sync bill and invoice payments Turn this on and we’ll mark bills and invoices as paid in QuickBooks when they are paid through Wise. We’ll only mark invoices as paid if the payment details contain the recipient name, amount, and reference.
Record other transactions as Expenses Turn this on to record all Wise payments that don’t have a bill or invoice as an Expense in QuickBooks.
Connected bank accounts We’ll record your transactions to the QuickBooks bank account of your choice. We recommend you select which accounts to connect. If you skipped this step during setup, we’ll search for a corresponding Wise account before recording a transaction. If we don’t find one, we’ll create an account for you — for example ‘Wise - EUR’.
Example bill payment
In this example, your bill ‘ABC456’ in the amount of €500 has been paid to ‘Vendor 1’ using your Wise EUR account balance.
Because you connected your Wise EUR account to your QBO bank register named ‘Wise - EUR’ from your Advanced settings, the bill payment transaction gets recorded in that register.
You’ll see a ‘Bill Payment (Check)’ in your Expenses with the amount.
And your ‘ABC456’ Bill will be marked as paid.
What if there’s a fee associated with my payment?
Any Wise fee will be entered automatically as a separate Expense transaction with the category ‘Wise bank charges’ and a Memo ‘Wise fee’.
Why am I seeing a clearing account? What is this?
A clearing account will be automatically created for one of these three reasons.
Depending on the payment method, we’re not always able to retrieve information about the bank account that is funding a payment, for example a non-Wise card payment. This applies for both incoming and outgoing payments.
Similarly, if you haven’t opened any Wise currency accounts yet, we’re not always able to retrieve information about the bank account that you are using to fund a payment, for example if you make a transfer using a non-Wise card. This applies for outgoing payments.
QuickBooks requires all transactions that include a currency exchange to be converted to your Home currency to help you keep your books tidy.
For example, if your Home currency is USD and you choose to fund a GBP payment with your EUR Wise balance, QuickBooks still requires us to record the transaction in USD. This means we’ll record a EUR to USD Transfer in addition to a USD to GBP Expense in your ‘Wise clearing from USD’ Bank Register including a Memo describing this. Learn more about QuickBooks home currency adjustments.
In each of these instances, we’ll record the transaction in a ‘Wise clearing from [currency]’ or ‘Wise clearing to [currency]’ Bank Register depending on whether it was an incoming or outgoing conversion.