HOME / COMMUNITY Switch to knowledge base

Can I change an amount in GBP for a dividend paid in EUR?


#1

I paid a dividend in EUR. The dividend was issued in GBP and then paid from a bank account in EUR. When I entered the transaction into my bank, I tagged it as “dividends paid”. I now realise that the amount logged for that transaction in GBP is incorrect. It’s not using the same exchange rate that I used to calculate the dividend.

Is there any way to change this?

One option is that I could instead tag it as a transfer to my “virtual GBP” account, then I could manually set the exchange rate, and in turn pay the dividend from that “virtual GBP” account. However, the transaction is now locked, so I do not have the option to “detag” the transaction.

Any suggestions on potential fixes? I considered adding a journal entry, but where do I make this “extra” money go? I want it to disappear, which doesn’t really work in the “double entry” model of accounting! :slight_smile: Is there an account for “accounting errors” or something like that?

Thanks in advance for any suggestions.


#2

When QuickFile does an automatic currency conversion any exchange rate gain or loss goes to “currency charges”, so you could manually journal to the same place yourself.


#3

@ian_roberts Thanks for the fast reply. I don’t really have a “gain or loss” though. I have the wrong amount in GBP. So I’m showing a dividend as more than it actually was in GBP. The exchange rate that was used by QuickFile was not correct (or not the same as the rate I used). So journaling to exchange rate gains / losses would add or remove money from my profit and loss, which is not what I want to do. Especially not in this case of a dividend payment.


#4

This topic was automatically closed after 7 days. New replies are no longer allowed.