Foreign currency and ReceiptHub

Hi,

I have imported transactions from my bank. I have imported my receipt in the ReceiptHub. However, the XE rate is different than the one my bank used at the same date. How can I match easily the receipt to the transaction?

Hi @cedev

Because of the exchange rate difference, it’s tricky to match up the bank transaction with the actual invoice. The way to do this at present is to use the “Log Payment” option from within the invoice itself and create the transaction this way.

It may however create a duplicate transaction, in which case, you can simply delete the untagged entry. This also accounts for the currency difference within your account too.

Hi,

Thank you for coming back to me. I have just done what you suggested and I also modified the exchange rate so I would have the correct amount in GBP. However, it did not match the receipt with the bank transaction.

Am I correct in assuming the invoice is in a non-GBP currency, and the payment is in GBP?

If so, if you just enter the non-GBP and GBP values, QuickFile will calculate the exchange rate based on this. It may be slightly different to the bank because of rounding however, but it’s the actual figure that’s important rather than the exchange rate.

How can I add the GBP value in the receipt hub? It does not allow me to do it.

Are you using the foreign currency field or the GBP field to match the transactions?

Apologies, I was a little confused by your original post - I weren’t sure where you were tagging the transaction from as you mentioned importing bank statements.

With the receipt hub this does work from exchange rates, although we can consider allowing this to be overridden (you’re welcome to start a new feature request for this if you wish). There could very well be a small rounding issue here based on the entered exchange rate.

When we try to match the invoice in the first instance, we just take the value of the invoice and the value entered - regardless of currency. For example, I entered “24” on my test account to reveal one GBP 24.00 and one CAD 24.00 invoice:

image

When it comes to creating the invoice, you may just need to tweak the exchange rate slightly to adjust for the rounding issue - ultimately, the exchange rate doesn’t play a part in the final accounts, it’s just the invoice value. Providing the GBP and the non-GBP values are correct, everything else should fall into place.

I hope that helps!

Thanks for the answer.

Where did you find the screenshot? I have never seen this before.

The screenshot above was taken from within the receipt hub. When you first tag a document, you enter the amount and it searches for purchase invoices that do not have a document attached (by default).

Once you click ‘Tag Me!’ for the document in the receipt hub:

And then enter the value of the document you’re trying to match, it will automatically try to find the related invoice for you:

In this case, I’ve just uploaded the QuickFile logo as a demonstration.

OK, so the problem is that I do not have invoices beforehand. My process is:

  • Upload a receipt
  • Click on Tag Me!
  • Enter amount
  • Click on Create New Purchase
  • Select currency
  • Fill in the rest
  • Check Paid in full
  • Select account
  • Click on Create New Purchase
  • Select bank transactions if existing

That’s perfectly fine :slight_smile: . There are multiple ways of working within QuickFile and we try to keep it pretty flexible.

I will however make a recommendation to our team regarding the GBP value as discussed above.

That would be amazing!

1 Like

This topic was automatically closed after 7 days. New replies are no longer allowed.