Bank tagging foreign currency revenue and exchange gain/loss

[solarpower03]

Dear all,
I am wondering how do I go about accomplishing this:
I have a client who pays for my service in USD. The money that comes to my bank account is converted to GBP and as always I incur loss. How do I tag the bank entry as it does not auto-matches with the invoice which was raised. How do I make the currency exchange to flow thru P&L?
Many thanks for your help.
S

[QFMathew]

Hi @solarpower03

Where the invoice and payment are in two different currencies, you would need to use the “log payment” option when previewing the invoice. This will automatically calculate currency loss/gains for you too.

This will however create a new bank transaction for you in the account you chose. But you can safely delete the duplicate, untagged entry. As long as everything balances, you should be good.

I hope that helps!

[solarpower03]

Thanks Matt. Works wonderfully!