I’m new here. I’ve set up a euro account, created clients and suppliers and downloaded my bank csv. But I have very strange amounts showing, for example the euro amount was 54,40 and now that its uploaded it shows as 2,049.00
This is not the euro amount converted to GBP!
Is it possible to set up 2 columns, one with the euro amount and one with the GBP conversion?
Maryanne
Hi @maryanne
When you import a statement, it will only use the values you’ve supplied in the file itself. It may be worth opening the file in notepad or similar and see if you can find the value of “2,049.00”.
As the base reporting is in GBP, there will be a conversion done, but this isn’t visible on the bank statement page (although it is in the chart of accounts). I’m not sure if adding a GBP column would add much benefit here, although we’re always happy to consider reasonable feature requests.
I will double check what values the statement uses for the conversion, but I believe it would use a historic exchange rate taken from xe.com.
[Edit]
Just wanted to confirm that last statement above. I’ve checked with a colleague and as suspected, when you import a EUR statement, it uses a historical exchange rate stored from xe.com. But this will not show on the bank statement page, only in reports such as your balance sheet and Chart of Accounts
Although we don’t show EUR and GBP amounts side by side in the statement view, you can see the GBP equivalents within your Chart of Accounts report by drilling down onto the relevant EUR bank account. These reports are all output in GBP.
The 2,049.00 turned out to be the balance amount, which in EUR is 20.49!
I deleted the balance column before re-uploading the csv.
I’m confused because I uploaded the same (EUR) csv to the GBP and EUR accounts and both show the same amounts - the original EUR amounts.
The CSV is just a file which contains numbers. If you upload it to a GBP account, the system will accept all the figures to be in GBP.
If however you upload it to a EUR account, then it will accept the figures as EUR figures. In this case, additional calculates are done behind the scenes to record matching GBP values for the purpose of reporting. Obviously, this step isn’t required with GBP accounts.
So the figures will upload exactly the same with a bank statement, but viewing it via the chart of accounts (Reports >> Chart of Accounts) will reveal different numbers as this shows it in GBP.
Hope that makes sense?
The chart of accounts shows everything I’ve tagged only in the suspense account. What have I done wrong?
Also when I go to all sales or all purchases they both show nothing even though I’ve tagged them.
Further to the previous message I thought it would be important to point out that none of the payments are linked to invoices - I don’t want to use QF for invoicing, I want to keep track of finances through the bank records. Can I do this, or are invoices a necessary part of the function?
Invoices are an important part of the system, but you don’t have to use them.
How have you tagged everything at the moment? Are they, for example, tagged as “something else not on the list”?
Ensuring that all opening balances have been journalled correctly and all transactions are tagged will clear the suspense account. There may be traces of transfers there which is normal, but overall it should be 0.00.
I’m assuming that if you’re not using invoicing on QuickFile, you’re doing this elsewhere (e.g. other invoicing software)?
Hi Matthew,
I went back and created invoices for each tagged entry and then I was able to see the reports working i.e. chart of account/P&L etc.
I am not sending or receiving invoices fro here, but it seemed to be a simple enough way to be able to use the features if I created invoices in the system. Am I right?
Ive tagged each entry as one of the available options e.g. ‘electricity’, ‘bank charges’ etc
What does this mean? - "Ensuring that all opening balances have been journalled correctly"
I guess this is more complicated than I thought…
It doesn’t need to be complicated - we try to make it as easy as possible 
(although accounting will always require a certain degree of know-how)
The correct way to record expenses would be to create purchase invoices for all invoices you receive, so you can track what has been paid to who. In the same way sales invoices are issued, so you know where your money has come from.
Generally, you would create the invoice and then tag the payment in the bank to the invoice. It can be used without doing it this way, but it does depend on your scenario.
A journal is a way of moving a balance from one nominal code to another, so for example, from “electricity” to “rent”. The system does the majority of these for you (for example, handling VAT etc.), however there are some instances where you need to do some yourself. In terms of the opening balances I mentioned, did you enter any opening balances for your bank accounts or did they start from zero?
If a bank account has an opening balance, the system would need to account for where that balance has come from, for the purpose of your balance sheet and other reports. Until it’s journalled it will sit in the suspense account.
If you’re new to QuickFile, it may be worth taking a look at our guides which can help get to grips with some of the basics of QuickFile and accounting