Purchaser gives me an invoice in Euros 2020.62 I pay the amount from a UK account in Euros using the exchange rate at the time. The rate of exchange is 1.12924700 and my UK account is debited GBP1789.35. When I mark the purchaser invoice as paid the amount changes to below when I view it. I can’t seem to get the purchase to show at the same rate as the amount paid.
| Total Purchases | 1,789.43 | 0.00 | 0.00 | ||
|---|---|---|---|---|---|
| Total Paid | 0.00 | 1,789.35 | 0.00 | ||
| Monthly Balance | 0.08 | 0.00 | 0.00 |
Are you recording the purchase in QuickFile as Euros (using multi currency mode) or have you converted the amount yourself and recorded it as GBP?
If the purchase is in QuickFile in Euros then when you “log payment” from a GBP bank account you should be able to manually edit the calculated GBP conversion to match what you actually paid, with QuickFile handling the currency conversion differences for you.
Thank you Ian. I am recording the purchaser amount in Euros using multi currency mode. I enter the amount in Euro which matches the purchaser invoice. I update the exchange rate to reflect the GBP rate. Should I delete purchases and sales and start again? Is there a tutorial on this?
At the point where you log the payment you can set the exact GBP payment amount, independent of the exchange rate set on the purchase itself. As long as the euro amount matches the purchase will be considered as fully paid, and any discrepancy between the GBP conversion according to the purchase exchange rate and the GBP amount you actually paid will be treated as a gain or loss under “currency charges” on your P&L.
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