I’ve just activated the banking feed, and I have a bank item that requires tagging. However, when I go to tag it, it doesn’t offer me the related purchase for the item.
The recurring purchase is to AWS and is in USD, but the bank charge is in GBP. Is there a way to allow the matching to have a range of values rather than just failing to return any items that it could be tagged to?
(There is no currency conversion fees from my bank as AWS do the currency conversion themselves and bill me in GBP, but their invoices are in USD, hence using USD in the recurring purchase).
No. What you need to do is “log payment” on the purchase invoice, which lets you enter both the GBP and foreign currency amounts. This will create a new tagged transaction which is a duplicate of the imported one, you can safely delete the untagged one.
That’s the way I’ve just done it - but it feels wrong to have to delete the imported bank feed entry. (And it’ll come back again if the bank feed ever needs to be resynched).
Unless there’s a currency loss/gain (which I don’t believe there would be with AWS) the simplest approach is just to tag the bank entry to a GBP Purchase invoice.
The other option if you’d like to enter the invoice in USD is to create a “USD Holdings Account”, then on your bank tag that AWS payment as a transfer from the holdings account. You can then mark the invoice as paid to the holding account to balance things off.
Thanks, I might do that.
Yes, there is a currency loss/gain as the AWS exchange rate is more beneficial to AWS. The last invoice from them for about £58 was about £1 more than using the XE.com exchange rate on the day, but still cheaper than allowing the bank to convert USD to GBP!
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