If you enter payment at the same time as recording the purchase there is an extra box for “Amount Paid” with the note “Enter the amount here that left your GBP bank account” but when entering a payment after the fact this option isn’t there. How do I account for the slight differences between exchange rate calculations?
Yes, it is a USD invoice, in this case only a small $2.99.
The UK payment amount was calculated at £2.21 but I actually paid £2.23. If you add the payment at the time of creating the purchase there is an extra box to account for this but I don’t see how to do it after the purchase has been saved, all of the “record a payment” methods I can see have no way to account for this difference.
In this case, you would use the “Log Payment” button on the invoice. This will prompt you to enter the USD balance, and if you select a GBP bank account, also a GBP balance.
It will also create the matching bank entry too. If it’s a duplicate, you can safely delete the untagged entry.
I hope that makes sense?
I was sure that was what I did first time and it left 2p unallocated on the account but it didn’t this time, I must have done it somewhere else. I’ll let you know if it comes up again.
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I had this happen to me once, turned out I was entering the GBP amount first, then setting the date of the payment, but when I changed the date it recalculated the GBP from that day’s exchange rate without me noticing it had done so. I now always set the date first and the amount second and it has always added up right since then.
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