Hi, I have an issue with completing/tagging a payment.
I have an invoice issued in EUR but paid in USD (because my GBP and EUR (Wise) accounts didn’t hold sufficient funds at the time).
When I try to log a payment, all of the accounts (GBP, EUR, DLA and PayPal) are listed with the exception of my USD account. (I have enabled both EUR and USD accounts and they are displayed on my dashboard)
Due to this, I created a bank transaction from my USD account and tried to tag the invoice, which wasn’t found, so I assigned it to the supplier’s account.
Now the transaction appears as tagged, but the hasn’t been allocated to the invoice.
I can’t find any information on how to allocate the transaction to the invoice itself.
Any advice on this matter would be greatly appreciated.
I don’t think QuickFile allows foreign-to-foreign payments - you can pay a foreign currency invoice from either an account in the same currency as the invoice or an account in GBP, but not directly from an account in a different non-GBP currency.
The simplest workaround would be to tag the money out of your USD account as a transfer to a spare GBP account like your director loan, then “log payment” on the EUR invoice from the same GBP account. If you make sure that the GBP amount you enter for the supplier payment matches the GBP calculated for the bank transfer then everything should balance off nicely.
Thank you for the information - it’s a shame that the function’s not available as I also have other single payments transactions (USD to pay EUR invoices) that I also need to deal with.
I appreciate your suggestion. I gave it a try but have now stumbled across the problem that when I transfer from the USD account to the spare GBP, I have to enter the GBP amount “received” - it’s not automatically calculated. This means that I have to calculate the part of the EUR invoice paid in USD into GBP before making the transfer from the USD account to the spare GBP.
As I don’t feel comfortable making up a completely new transaction with my own calculations (there’s more room for mistakes), I’ve decided to workaround by splitting the invoice into two, entering the EUR and USD amounts actually paid into separate invoices and then paying from each account. I feel more comfortable with just adding comments documenting the fact that I used the sum actually paid instead of the invoice amount due to the lack of other options technically.
I don’t understand what you mean. I entered the EUR invoice in full. Then, I entered the partial payment in EUR. At no point was there any calculation providing an amount in GBP - how would I let it calculate that?
So you were able to part-pay the EUR invoice from a EUR bank account, and you paid the rest from a USD account?
So the first part is easy - record the part payment from the EUR account first, which will leave some amount of outstanding balance in EUR. Now from the purchase, “log payment” for the remaining EUR balance and choose the DL account - since this is a GBP to EUR payment it will ask you for a GBP amount as well, which I believe should default to the market exchange rate on the date of the payment.
Now you know exactly how many GBP QuickFile considers that payment to be “worth”, so you can tag the USD money out as a transfer to the DL account, and enter exactly the same GBP value as it calculated for the GBP-EUR payment.
Hi, to your question, no, I split the invoice into 2. I entered the part I paid in EUR as a EUR invoice and the part I paid in USD as a USD invoice - and have added comments to explain that the full EUR invoice is the basis for both.
Thanks for the explanation. I haven’t tried it yet, but I see how that could work. Although, as I also have EUR invoices that were paid in full in USD, I think I might just stick to my workaround as it’s simpler due to fewer steps.
