Quickfile doesn’t seem to understand currency conversions very well. I have a USD PayPal balance as at X date for 0 dollars in the ledger but Quickfile on the TB will say a positive or negative number. This can be solved using the record currency gain/ loss option but it is slightly annoying as it keeps happening. Sometimes this will be out by thousands.
Hi @Joe_Hayes
The currency gains/loss should be recorded on a regular basis, although this does depend on your activity.
For example, a business with very little activity may only record this once or twice a year, whereas a business with lots of activity may record this monthly.
Re-valuing these accounts on a regular basis will keep the balance in check.
If you need any help with these journals, just let us know.
Hi Matthew,
We tend to do this quarterly in line with VAT Returns but thank you for getting back to me.
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