I have purchase invoices in PLN but I would prefer log them in GBP. I found it is easier to tag them(and Quickfile finds them).
I would like to log payment I sent to money transfer company (there is no fees) and attach invoice itself (in PLN). It is OK to do this way?
Hi
I have suppliers in Poland. They create invoices in PLN. The Quickfile calculates currency rates but I pay supplier using money transfer company and they have different currency rates than Quickfile.
Example Invoice 500PLN, it makes in Quickfile 100GBP but I paid 98GBP using Money transfer company. Now is problem to tag such transaction in my bank account.
So my question is:
Can I set up my supplier in GBP, log payment in GBP but from my money transfer company and attach to this log my invoice in PLN?
Regards
@awariat - I merged your two topics as I believe they are related.
I would always recommend that you create the invoice in the currency in which they are issued for record keeping purposes if nothing else. The exchange rate in QuickFile can be overridden if it doesn’t match. We take a value from xe.com, but we understand that not every provider uses the same exchange rate.
The way to log a payment for a foreign currency invoice in GBP is to go to the invoice itself and click ‘Log Payment’, which is what I suspect you’re already doing given that QuickFile is suggesting £100.00. However you can enter the correct value here (e.g. £98.00) and the exchange rate will adjust for you.
That said, I see no issue with logging the payment in GBP rather than in PLN if you prefer, providing the amount is correct. For example, if you have the amount of £98.00 on your bank statement, that should be fine. But if you are receiving regular invoices in a foreign currency, the multi-currency feature in QuickFile is the way to go.
Side note - I’m not an accountant, so I would double check queries like this with your own accountant to be sure
Hi Mathew.
It looks like you don’t rest. I did what you said I have changed payment amount to match my payment with money transfer company but I still can’t tag this payment. Should I create bank account for money transfer company?
I try my best to be here to help 
Ok, so can I clarify - you have an invoice at 98GBP or is this currently as 500PLN?
And your bank transaction, which of those values does it match?
Once I know a few more details I’ll try and walk you through it so you know where you’re going with it
I have invoice (example) 500PLN from Poland (general purchases)
I pay them using money transfer company (England.pl) They calculate I should transfer to them 98GBP.
I transfer to them 98GBP from my Lloyd’s business account and they sent those money to my supplier.
On my bank account I have transaction 98GBP to ENG PL.
I log payment in Quickfile and change default quickfile GBP 100 to 98 like I sent(this is only example).
And now I want to tag this payment to connect with my invoice but I can’t.
Regards
Ok, I think I’m with you! 
Does the transfer company charge a fee? If so, do they take a fee out of the money you send, or do they invoice you at the end of the month for all your transfers?
No fees at all only currency rate
Ok then. You have 2 options:
Option 1: Create a holding account
You could create a new bank account (let’s call it, for example, ‘GBP to PLN transfers’) with the currency of PLN. You would firstly create a transaction in the payment bank account, like your Current Account.
This would be tagged as a transfer to the new transfer account:
Then in the transfer bank account you would create the actual money out transaction of 500 PLN and tag that to the invoice so the balance of the account is zero.
This method could be useful if, for example, you had multiple payments out on the same day for the same currency.
Option 2: Log payment from the invoice
This is probably the easier option. Firstly, load the purchase invoice for the 500 PLN amount, and then click ‘Log Payment’. Fill in the details matching the amount, date and bank account of the 98 GBP payment:
And then save it. This will create a duplicate transaction. So, go back to the paying bank account and find the untagged duplicate:
And then delete it. The bank account should balance, and your invoice is now tagged and marked as paid 
I hope that makes sense?
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The option 2 is best. Thank you.
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Hi Mathew.
I changed mind. After understanding dummy bank accounts I think option 1 is better. I had similar problem with Amazon Amazon selling and bank tags
So I will be paying my invoices from account "GBP to PLN transfers’ and I will tag all my transfers from my bank acount as paid to 'GBP to PLN transfers’
What I need to do is adjust a bit the GBP on my invoices so they can match the transfer.
Regards
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