I’m trying to create purchase invoices in foreign currencies and I can’t get the exchange rate to show up correctly - it always shows up as exactly 1 after saving the invoice!
Say I create a purchase in USD, for $10. I set the date of the purchase as the Receipt Date which gets the exchange rate for that day (which seems correct). I itemise the receipt and allocate it to the correct ledger account.
This was paid by debit card, so I create a payment from the Current Account for the amount taken. Let’s say £8.50. This is slightly different to the calculated amount due to bank fees, which is fine. The payment shows up in the current account the day after the Receipt Date, so I enter this as the Payment Date.
I now save the purchase invoice, which then shows up as fully paid. The problem is that if I open the invoice now, the exchange rate is shown as exactly 1. The Current Account shows the £8.50 payment, but the purchase in the ledger account shows the purchase as 10.00 GBP (note NOT USD) debit. This therefore then shows a £1.50 Currency Variation on the invoice, which is also shown in account 7902 Currency Charges.
I understand the concept of currency fluctuations between invoice and payment, but this is something else. No matter what currency the purchase invoice is in, it always ends up with an exchange rate of exactly 1.
I’m finding QuickFile great generally and I don’t understand what I’m doing wrong here! Any help would be appreciated.