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Automatic tagging rules between different currencies

Hi
I have GBP holding account in GBP and another in EURO. When I transfer it ask how much in EUR to transfer. When there is automatic rule it doesn’t ask and move the same amount like GBP.
regards

Hi @awariat,

I’m not sure what your question is here, are you asking whether it will ask you to confirm the amount when setting up an automatic tagging rule?

Hi Beth. It is not a question - it is bug. If there is automatic rule it should ask for value in EUR as well.
regards

Hello @awariat

As you rightfully mention, when the manually tag the transaction, it prompts you for the GBP/EUR equivalent to balance everything up. If this is done by an automatic rule, then it’s not possible to enter this.

Hi Matthew.
I thought the automatic rule is calculating currency.
now I have 1eur=1gbp.
So now I have accounting question: is it OK to have the same amount in EUR like in GBP after transfer. What about PLN which is 5 times difference.
Regards

Hi @awariat,

The automatic rule does not calculate currency so your transfer will not be accurate. It processes it as 1:1 which is not correct.

I wouldn’t recommend using automatic rules for transferring between currencies due to the changes in rates.

Dear Beth.
In your system there is currency conversion so why it is problem to make it working? You conversion is not good for accounting?

Hi @awariat,

With transfers, we could assume the exchange rate but banks and card providers often have their own rates as they include a small fee as part of it. For other currency related transactions we use www.xe.com for the rates but again this isn’t always necessary the rate that your bank will use.

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