Exchange Rate - Option to Switch Off Fixed Exchange Rates

Hi QF Support Team,

Further to ongoing dialogue with your team, I would like to request the facility to manually override the hard coded exchange rate feature/option when tagging a payment to an international supplier / purchase. (in this case EURO’s).

In my experience the current setup appears to cause more problems than it solves.

When creating a supplier invoice in Euros the HMRC stipulate that you have to use there official approved published exchange rate for the month pertaining to the purchase invoice date, QF handles this really well.

If you are using a currency exchange or brokerage service or bank for that matter, when you go to pay said supplier invoice 30 days later, there is no way to tag the transaction using the exchange rate you received on the day if you pay in sterling, as QF automatically uses the fixed rate for that day.

This creates a right headache as your are left with either an under or overpayment against that original supplier invoice.

To give the QF user greater flexibility to specify / tag a sterling payment to a Euro invoice based on the actually exchange rate on the day that he or she paid, would be so helpful and much more user friendly.

Many Thanks

No voting rights left to put my “x” in the box, but I would like this feature to simplify allocating foreign currency purchases.

Presently instead of allocating foreign currency payments from a bank account which creates a “Currency Gain/Loss” I enter such payments from the purchase invoice (after amending the exchange rate to match the rate received from the bank) checking the GBP amount matches the bank statement in the purchase under;
→ More Options
→ Show nominal ledger entries
→ Copy the amount shown for nominal ledger 2100 Creditors Control Account (this matches the amount on the bank account)
→ Log payment by using the correct amount; this avoids any “Currency Gain/Loss” be created
Back to the bank account
→ Copy and paste the description “imported” from the bank to the manual entry
→ Delete the “imported” entry as this is a duplicate of the manual entry

NOTE: When a manual payment entry has been created future uploads of the bank statement with foreign currency entries do not get flagged as “conflicts” and need to be deleted after an upload until a new month;s statement is initiated.

1 Like