Hi guys
I’m sure there is something wrong with the way QF handles transactions denoted in another currency. Perhaps something to do with the date on which it converts them to £. As far as I can see, it uses different rates for the same transaction (presumably from using different dates) leading to balances being left in nominals when they shouldn’t be.
I’ve previously reported an issue where the dollar bank account showed the correct USD balance. But the balance sheet showed something completely different.
Just now, I’ve prepared a VAT return (for end of May) and, at the end of the month there is only 1 unpaid sales invoice (we’re on cash basis) - so the sales tax control account should be the VAT on that 1 unpaid invoice.
It isn’t and I have noticed that USD invoices have had 1 £ amount applied when being booked to this account - and a different one when the VAT return has been prepared. This difference between what has been put in (when invoice raised) and what has been taken out (when VAT return prepared) means there are amounts left in the account that shouldn’t be. It might also mean my VAT return is wrong - depending on the date of exchange that was used.
If you want to have a look, I can give you an example invoice number to trace through the system - you’ll see what I mean.
Cheers