Correcting incorrect setup of Euro Bank Account

I am comparatively new to Quickfile - during setup I created a number of bank accounts including a Sterling and a Euro (Current) Bank Account. However, the account named the Euro Current Account is set to operate in the GBP currency.

All seemed to operating okay - all Euro Sales Invoice receipts/payments being converted to GBP before posting in the account named Euro Account. However, I have just raised and paid a purchase order in Euros and this has posted to the bank account named the “Euro Bank Account” (that is set to operate in GBP) the Euro value of the invoice payment. This did not seem correct and on investigating I then realised this account was set to operate in GBP. (i.e. not Euros as it should).

This setup has been in use for almost 12 months with numerous sales transactions (and some purchases) in both GBP and Euros.

  • How do I - Correct the situation ?
  • Although Euro sales seem to of been handled okay, why has the recent Euro Purchase Order (apparently) been handled incorrectly ?
  • I have used the VAT Return Report to complete the HMRC VAT Return (on-line) - will this of been calculated incorrectly ?

Although there are less than 40 transactions in this Euro account - I assume reversing/deleting these transactions is not an option as many/most are ‘locked’ after completing the VAT Return process ?

My apologies for the mess - I have made. Hopefully it is not beyond redemption !

Regards … Trevor

Hi @Inform

I’ll try my best to help you with this.

You’re not able to change the bank account with transactions in there. What you can do however is create a second bank account for EUR rather than GBP, and continue using this one.

I assume you mean a purchase invoice rather than purchase order? How did you log the payment? If it was through the ‘Log Payment’ option, you’d be given the choice to enter a GBP value. Nothing has been changed in this area, so it could just be an entry error. You could just delete the payment (providing it’s not locked in any way), and try logging a new payment against it.

The return uses the GBP values associated with your transactions, so providing the GBP values are correct, then there should be no errors.

These values are either calculated by the exchange rate (these are shown on the invoice screen - see below), or what you enter. For example, based on the exchange rate, the system could expect £25.00, but if you manually enter £24.90, it will take your value and show you the exchange rate based on that instead.

I hope that all makes sense!

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