HOME / COMMUNITY Switch to knowledge base

Four decimal place exchange rate


#1

Another look at “Creditor Control Account discrepancy - Foreign Currency”

I had a go at entering a purchase from the Receipt Hub for an invoice in Euros, but although I entered the amount in Sterling that the purchase cleared the bank account this was ignored/over-written and the four decimal place exchange rate was used (so out by a penny).

There is ceiling of around 230,00€ were after this figure there is a possibility that the exchange rate will calculate the invoice with rounding up/down out by a penny.

For example;
230,00€ @ 1.1305 = £203.45 (£203.4498)
230,00€ @ 1.1306 = £203.43 (£203.4318)

To calculate an invoice to equal £203.44
230,00€ @ 1.130554 = £203.44

We have previously discussed this issue as a feature, but really to me this should marked up as a bug.


#2

Hi @alan_mcbrien

I will discuss this with our team to see if something can be changed here.


#3

Exchange rates in QuickFile are capped to 4 decimal places, so you can’t always apply it directly to get penny level precision. That said the exchange rate is more of a reference value and for every financial transaction we always store a foreign currency amount and a GBP amount.

As you can see from the Receipt Hub you can easily override both currency amounts directly.

image


#4

Thank you @Glenn for the overide option in the Receipt Hub that you suggest would fix the 1p discrepancy. That did not work, it still took the rounding up/down from the Exchange Rate as the default calculation.


#5

Does it record correctly if you don’t mark as paid from the receipt hub but instead create the purchase unpaid, then “log payment” from the purchase record screen?


#6

@alan_mcbrien - I’ve managed to replicate this, and have logged it with our team for review.