After tagging all my Exchange Bank account entries the balance was zero but the Chart of Accounts was showing a debit balance of 237GBP then I followed the steps mentioned here and end up with the Exchange Bank account with excess money out of 237(units Foreing/GBP ?).
This is not a proper solution at all.
Ideally we should be able to enter the exchange rate that we’ve got when we do direct exchange of foreign currency like I’ve got 0.6425 USD/GBP exchange rate but quickfile marked as 0.660284 this is not good at all.
How can we solve this ? (option to enter an invoice buying currency/ option to add exchange rate manually)
I went to my Current Bank Account where the GBP has arrived and tagged it as money transfer from the FX Bank account and it asked how many dollars in this case I was going to offset and then I entered the total buy price. By the question and the answer I also was expecting this but after that looking at the Chart of accounts there it is a debt balance instead of 0.0, and although the FX account got balanced to 0.0 I then tried to use the method mentioned “Record currency loss/gain movement” that balanced the chart of accounts but then unbalance the Fx Account.
I was expecting the Chart of accounts been balanced without further steps.
Another possible way would be to access the journal entry and split the transaction adding the gain/loss (mostly loss) of the market rate compared to the actual transaction rate. But this is another intriguing part of quickfile we can not see the raw journal entries to understand the actual magic numbers that appear there.
Why there isn’t access to the raw journal entries ?
It’s probably going to be easier if I have a look at the transaction in question, I will PM you so that you can reply with your account details.
However when you enter a bank transfer in QuickFile between a foreign currency account and a GBP, you have full control over the actual amount arriving in the destination account and the exchange rate is inferred from that.
This process revalues the account and would only affect one of the bank accounts if done correctly. It takes any specific amount you enter in Sterling from the foreign currency account and moves it to currency loss/gain, without affecting the balance of the account in the foreign currency.
Bank transfers aren’t categorised as journals in QuickFile so they are not accessible through the journalling system. That said it is a simple double entry debit & credit. You can drill down from the COA on the foreign currency account, locate the transaction and click on the grey question mark to see the double entry.
