Hi, I have encountered the following problem:
an invoice in GBP has been paid in EUR to an account in EUR - what would be the proper way to book such transaction? There is no way to tag the payment to the invoice as there is currency mismatch.
Next step: the amount received in EUR has been converted to GBP (transfer between accounts in the same bank) few days later and the amount received in GBP is actually higher/lower than the invoice value so how to account for foreign exchange profit/loss in such case?
I have searched the forum but have not found anything which would apply directly to this scenario. As this will be regular occurrence in my case I would like to find an elegant way of booking such transactions.
Would appreciate step by step instruction as I am pretty new to Quickfile