Keeping a Euro cash account

Can I keep a cash account for Euro’s
Will I be able to invoice and purchase in Euros as well, and will it show on P&L etc.
I teach abroad, mostly Europe and this will be ongoing. I will sometimes get paid in Euros cash and will keep this to fund further expenses etc or withdraw to personal account.

Or I am better to convert each entry beforehand.

Many thanks for any help

Hi @Stephie

Yes, you can set up a bank account with a different currency. However, this will need to be enabled first by going to Account Settings >> All Settings >> Multi-Currency Invoicing.

This will also allow you to invoice in a currency other than GBP too, and QuickFile will help handle conversions into GBP. As the base currency is GBP, these invoices will show in your P&L and other reports in their GBP value.

This guide should hopefully help, but please let me know if you get stuck :slight_smile:
Invoicing in foreign currencies

Thank you. I have sent the account up, will take a look at the link.

Many thanks

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I do this quite a bit (across a range of currencies). QF generally does a good job of handling multi-currency and makes sensible exchange rate estimates (that can be adjusted manually).

Don’t convert - keep it in the original currency. One nice thing (that sets QF apart from other major software packages I’ve tried) is that QF will allow you to transfer from EUR to USD/SEK/etc. without having to first go through GBP. That’s what drove me away from a supplier whose name also starts with Q… to Quickfile :slight_smile:

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