Hi, I’m just starting to gather figures for my tax return and notice that many of the amounts in the Chart of Accounts for payments I have received do not match the actual amounts that went into my bank account. Most of these are from invoices I have created in a foreign currency, so I’m guessing it’s something to do with fluctuating exchange rates. My Santander bank account is linked to Quickfile and I dutifully tag each payment to the corresponding invoice. I just want to see the actual amounts I received in GBP in the report.
The way foreign currency invoices are handled, the value that goes on the “general sales” code will be based on the exchange rate assigned to the invoice (typically the xe.com rate for the invoice date), which is not necessarily the same as the exchange rate applied to the payment (what you received in your bank account). The difference, whether positive or negative, goes to the “currency charges” code so your bottom line is correct overall, but don’t expect individual invoices to line up with payments exactly.
This is how it has to be for VAT purposes, but if you’re not VAT registered then you could maybe modify the exchange rate on each invoice to match that of its corresponding payment, which would more or less eliminate the currency charges - there may be a few pence there from rounding errors. But I’m not an accountant so don’t take that as gospel.
Thanks for replying Ian. I’m not VAT registered and I don’t want to alter each individual invoice, so it looks like there’s no easy way to get a list of all the actual payments I received. Seems odd that there’s no record on the system of the actual payments into my bank account. After all they are on my bank statement and my bank is linked to Quickfile. Does anyone know of a way to pull up this data?
The payments are recorded under Sales → view payments - you can export up to 50 at a time from there, but if you want them all in a single convenient CSV then you need to make a backup of your account at “account settings” → “all settings” → “weekly/monthly backups”. You have to create a weekly/monthly schedule first but once you have set up the regular backups then there will be an option to do a one-off backup immediately. Each backup gives you a complete snapshot of your account right back to the start as a set of CSV files which you can load into Excel or similar and slice and dice as you wish. One of those CSV files is the full list of payments.
The question is why do you need this level of detail anyway, isn’t the profit and loss report sufficient on its own? If it’s just because you do your tax return on cash basis (payment date rather than invoice data) then provided you have a power user subscription there is now a cash-based P&L under “reports” → “all reports”
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