Expenses in a different curreny and accounting

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,

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?

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.

Thanks for confirming.

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

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.

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

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

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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