Credit Control Account discrepancy - Foreign Currency

I have a bill in euros and wanted the sterling value to equal the two payments made to settle the account, but the conversion is out by a penny.

Payments processed in a foreign currency are calculated by entering the sterling value, so the bank balances whilst an invoice is created in the foreign currency but the value is calculated from the exchange rate using four decimal places.

15/06/2017 100,00€ = £90.76
13/07/2017 395,00€ = £362.19
Total 495,00€ = £452.95

Purchase receipt
29/07/2017 495,00€ @ 1.0928 = £452.96

Creditors Control Account (2100)
15/06/2017 Payment to Supplier 90.76DR
15/06/2017 Currency Gain/Loss 0.75DR
13/07/2017 Payment to Supplier 362.19DR
13/07/2017 Currency Gain/Loss 0.73CR
29/07/2017 Purchase Invoice 452.96CR
Discrepancy 0.01DR

Journal entry 29/07/2017 correcting 1 penny difference in Creditors Control Account (2100)

Nominal Code
(7902) Currency Charges 0.75DR
(7902) Currency Charges 0.73CR
(8203) Training Costs 0.01CR
(2100) Creditors Control Account 0.01CR

The above journal has reversed the Currency Gain/Loss created when the payments were allocated, amended the value of the invoice to the amount paid, and fixed the 1 penny difference in the Creditor Control Account.

If however there was a facility on the purchase invoice to enter the value in sterling this would not be necessary as the accounts would balance. A quick way to fix this maybe to have the exchange rate in the purchase invoice with 6 decimal places.

Hi @alan_mcbrien

I think this is likely to be a rounding issue.

We can consider adding support for additional decimal places, but I believe this would require a bit of work. Nevertheless, we’re happy to investigate the feasibility of suggestions if there’s support from within the community.

Would you like me to move this to the feature category for the time being so we can monitor the interest here?

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I have found the problem arises when there is more than a one payment to allocate to a foreign currency invoice.

Three occasions when this has occurred recently have required a journal entry to correct the Creditor Control Account (2100).

The reason is the rounding up/down of the exchange rate. If the decimal places could be extended to six places; this probably would avert this situation.

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