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