Due to QF only allowing 4 decimal places, some of my sales in USD or EUR end up with a rounding error of 1p. Looking at my debtors control account (1100), I have two sales which have automatically posted these 1p differences to the Currency Charges (7902) category and two which haven’t, making my debtors control account (1100) £0.02 out. I need to post these two entries over to Currency Charges (7902) and could obviously just use a journal entry but I need to figure out why they haven’t posted automatically. Both have the currency variation realised applied at the top of the invoice, as do the two which have posted automatically.
This is a workaround, as an additional line is added to the relevant bank account but it is the tidiest way that I have come up with so far. The additional line is added as "Currency Gain/Loss for purchase #QF0??? (or Sales INV)” and TAGGED to “Something else not on this list” and allocated to N/L used for the purchase/sale. The alteration keeps the nominals with correct figures, but also removes these discrepancies from appearing from https://******.quickfile.co.uk/reports/historicalinvoices (or from type=sup)
As you have reiterated there is a problem using only a four decimal point for exchanges (when a sale/purchase is over about 230,00€ this problem occurs).
Hope you find this of help, the method keeps the Debtor/Creditor Controls in sync and removes paid invoices with an exchange rate difference.
Thank you for your reply Alan, however I think my problem might be slightly different to yours. My debtor/creditor report is correct, i.e. nothing is showing as partly unpaid. The problem I have is that some sales seem to transfer the 1p exchange rate rounding error to Currency Charges (7902) and some don’t. I need to find out why this is happening as I presume that I must be doing something wrong.
If there is a currency gain/loss when producing an invoice as you have reported they will appear in N/L 7902 Currency Changes. These gains/losses should be shown in a report; however this report is not that easy to find in the system.
No, my currency gain/loss are not showing in the Debtor/Creditor Report. The only things in there (on any particular date) are invoices not yet paid.
When logging the payment, my invoices are always marked as “paid in full” and then the correct GBP amount entered QF then calculates the exchange rate (for the logged payment). The 1p differences come from the fact that QF (as it only has the 4 decimal places) sometimes calculates the invoice GBP amount as 1p more or 1p less than the correct GBP amount received. There is nothing that I can do about this as the GBP amount of the invoice doesn’t show up anywhere except on the debtors control account (1100)/Profit & Loss and when the invoice is clicked from there, only the currency amount can be seen.
Thank you @alan_mcbrien . My problem is really that two of my sales have posted the 1p differences correctly and two haven’t. I need it to be consistent and so need to find out why this has happened.
Mathew at QF is asking his developers to have a look for me to try to identify the problem.