Currency issue in suspense account

[Vistaro]

I use QF in multi-currency mode

On 22/6/21 I moved USD 18,457.78 USD from my USD account to My CAD account which received CAD 22,872.85 – both bank statements reconcile

According to XE - Historical Rates Tables - CAD | Xe on the day the rate would have been 1.2364485639174772 = 1 USD

It appears though that QF works differently, and the transaction appears to transit through GBP and has therefore used a GBP conversion for both entries –

The rates used for the above are shown in the notes for the transaction

USD Trans – “GBP 13231.52 converted from USD using an xe.com settlement rate of 1.3950” = £13,231.38 which is also shown in my suspense account as a credit

CAD Trans – “GBP 13318.60 converted from CAD using an xe.com settlement rate of 1.7174” = £13,318.30 which is also shown in my suspense account as a debit

The consequence of this is that my suspense account is not balanced due to the £86.92 difference above

I have tried to use the “Record currency loss/gain movement” tool but am getting nowhere

Can anyone help me sort this?

Thanks all

[QFSteve]

Hello @Vistaro

You could post a journal for the £86.92 between suspense 9998 and Currency Charges 7902 to move the charges to the correct code.

[Vistaro]

Yes I did think of that but the reality is they aren’t charges and would I be correct in thinking the impact of this would be to introduce an item that would affect the P&L?

[QFSteve]

Hello @Vistaro

Currency Charges 7902 was just a suggestion, you could use Exchange Rate Variance 7906.

As it is a currency gain or loss due to exchange rates you would generally class this as an overhead on you profit and loss.

You could speak to your accountant for more tailored advice of where to post it.