I have recorded a number of payments to a supplier and tagged them via Banking as payments on account. These were all paid from my GBP account (although my supplier is in fact charging in USD).
Now I wish to allocate these payments to the invoice I have received which is in USD but dont seem to be able to.
Is this supported, what do I need to do?
(Im aware I can delete my bank entries and allocate the payments individually to the invoice now I have it. Im just hoping there is a simpler method)
Unfortunately you can’t tag from the bank, you have to go into the invoice and mark as paid, this will allow you to chose the bank account and the amount that has been paid creating the bank transaction for you.
You can record payments on account that can later be used to pay down non-GBP invoices, but you have to do the currency conversion at the point of creating the prepayment, not the point where you assign it to invoices. As always in QuickFile cross-currency payments can’t be directly tagged from the bank, instead you have to go to the supplier’s control panel and do more options -> new prepayment, and there’s a currency drop down (“make credit available for: USD invoices”), and then you can set the date and both the GBP and USD amounts. This will create a pre-tagged transaction on the GBP account, if you have a bank feed you’ll need to delete the untagged duplicate.
Now the supplier page will show a USD credit balance, which you can later use to pay USD invoices.
