Automatically handle currency gain/loss for foreign currency accounts

Please can you add a facility to quickfile to allow automatically entering currency gain/loss journal entries for accounts in foreign currencies as per the instructions for Invoicing in foreign currencies

Ideally, this would be done completely transparently on a daily basis, so the balance sheet view would always show the correct GBP amount of the relevant accounts on the date selected for the balance sheet.

As a bare minimum, then the “Record currency loss/gain movement” feature could be extended to automatically calculate the values for the relevant account.

Hi @anthonywilliams

Thank you for the suggestion!

We’ll leave this thread open for others to add their vote and comments.

Bear in mind that adding a correcting journal every day would mean that pretty much anyone who uses this feature will need a Power User subscription as these journals alone would be 730 nominal ledger entries per year per foreign currency bank account.

That is true. Ideally, this would not require such entries, because it would be completely transparent, and “just work”.

From my perspective, the need for such journal entries is a hack. I would rather “true” foreign currency accounts were supported, and their value only converted to GBP for display purposes, so these adjustment entries would not be needed.

Most of the time, I’m only going to care about this when it comes to running monthly or yearly reports, so the ability to automatically calculate the adjustments on demand would go a long way, and would not require so many journal entries.

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I have now written an app to automatically calculate the adjustments and create the journal entry on demand.

It is available on the Quickfile marketplace (Quickfile Foreign Currency Account Adjuster).

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Thank you for your contribution @anthonywilliams! Hopefully this will benefit other users too :slight_smile:

I need this too. It confused me a lot.

Hi @Peter_Wang

Anthony’s tool is available in the QuickFile App Marketplace. You can enable this for your account if you wish.

Let us know if you need any help with this.