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Currency Conversion Fee on Supplier Payment

Most months I have debit card transactions in USD (for example for online backups). I was always confused when the GBP amount QuickFile calculated was quite different to that of my bank.

To date I have just been correcting the GBP amount, but recently I looked a bit more closely and discovered my bank change a ‘Non-Sterling Transaction Fee’. Therefore most of what QuickFile is recording as Currency Gain/Loss, is actually a bank fee.

While I know I can journal these amounts periodically, I would be great if their was a field on the ‘Log a Payment’ screen to allow for bank / transactions fees. This would then post the bank fee to Bank Fees, and if there is still a remainder this would still be posted as Currency Gain/Loss.

I suspect this may not affect many people, but hopefully it is something you could consider the next time your are developing this section of the site.

Hi @jeaston

Thank you for your suggestion :slight_smile:

I will leave this open for other people to vote/comment so we can see how much interest is there before considering any changes.

@jeaston @QFBeth - I’m also trying to add a non-sterling transaction fee, I manged to avoid it last time, but not this time :frowning: I can’t make head nor tail of it!

I’m trying to ‘tag’ it and add a ‘project adjustment’, as per a suggestion on an earlier thread which linked to this page, but honestly, I think I’m falling deeper into the rabbit hole. An easier option would be very welcome :+1: :+1:

It does not enable you to do what you want to do but consider if there is any great consequence of separating bank fee from currency gain/loss. After all, the practical currency exchange rate used is set by a/the bank anyway. Their ‘spread’ (difference between buy and sell) on the x-rate is just another carefully disguised ‘commission/fee’. You have no choice except to change your own bank. Are there any consequences or tax obligations for handling the two separately? Obviously, like all accounting, it would be nice to see the exact amounts but is it worth the hassle? Many of our international trades do not specify all the bank fees that have been taken anyway; sometimes it is the source bank, sometimes the destination bank, sometimes both, sometimes another bank in between! We are rarely certain of the full detail.