Expenses in a different curreny and accounting

Accounting
1

We are a charity and we use QuickFile to log all expenses such as purchases made in London and money transferred abroad to develop our projects.

We recently transferred to Panama £3,644.09 GBP equivalent to $4,800 USD.
The scientist in Panama received the money and sent me all the receipts expenses totalling $4,800 USD.

How or what’s the best way to log those receipts in our system and tag them to a project related to the $4,800 USD he received and link that to the £3,644.09 GBP sent?

Your advice is appreciated,

2

Hi @ldurena

Firstly, I would ensure that multi-currency is enabled on your account (Account Settings >> All Settings >> Multi-currency settings). This will allow you to enter purchases, sales and transactions in another currency (more info here).

How has the $4,800 USD been entered - as one purchase invoice, or multiple?

3

Thank you.
The $4,800 was registeded/entered in our bank account as £3,644.09
We have recevied multiple invoices in USD totalling $4,800.

4

Thanks for confirming.

Are the invoices for the $4,800 all for the same supplier, or multiple?

5

Invoices are form Multiple suppliers they include car and boat rental, food, accomodation, equipments, office supplies, and payments to people helping in the project etc.

6

Ok. If that’s the case, there are 2 things you could do here.

  1. Log a payment against each invoice individually, from the invoice itself (as per the guide), to the GBP account - if you know the GBP equivilent. Or,

  2. Create a new USD bank account, record each of the invoices as paid from here (so they’d be in the same currency), and tag the £3,644.09 as a transfer from the GBP account to the USD one

7

Thanks for your help.
I have done the multi currency and created a current account in US as suggested.

My last question (I hope) would be how can I tag the £3,644.09 as a transfer from the GBP account to the USD one??

Luis

8

If you click “Tag me!”, and then select Transfer between accounts, you can then select the USD account and enter the USD value. It will create a USD transaction for you, so if this already exists, you will need to delete the untagged entry.

Hope that makes sense?

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