Currency loss rounding error

Last year I invoiced a US customer in US dollars and they paid me in monthly instalments. For each payment (made using a currency transfer service into my GBP account) the debtors control account showed two entries - one the amount received in my account, and the other a currency gain / loss representing the transfer charges and exchange rate variations. At the end of all this the debtors control account showed a balance of -0.01. I’ve created a journal entry to cancel this out, but perhaps quickfile should, when calculating the final currency gain / loss in a situation like this, when the invoice is being marked as paid in full, ensure that this doesn’t happen.

Hi @dlamp

I just want to confirm the situation here if that’s OK.

  • You’ve invoiced in USD, and they’ve paid in USD in part payments
  • This is then transferred to a GBP account
  • However, over time, this has introduced a £0.01 difference in the chart of accounts

Is that correct?

Yes, that sums it up.