Multi currency loans

Hi, I’m a brand new QuickFile user and trying to set up the company basic structure. We are a UK business selling services and paying invoices in various countries/currencies. However the directors have provided loans in different currencies to fund the business and I need to show the currency in at the relevant bank account and the other side as a creditor liability in GBP (also revalue the loans annually which I can do in a spreadsheet if necessary). Any suggestions gratefully received. Thanks

Hi @toppti

First of all you will have to enable multi-currency in your account. You find more information on how to do this in the following article: Invoicing in foreign currencies

Each director will need to have a Director’s Loan Account attributed to them in the currency of their choice (only one currency is allowed per bank account, so if the directors themselves are paying in multiple currencies they will need to have multiple Director’s Loan Accounts).

You should already have one directors loan account set up, but you can add more of them from the Bank Management screen:

Once you have received money into the current account and you go to tag it to an account which is in a different currency, it will ask you for the equivalent in the currency stated:
You can also do the reverse of this where you tag from the DLA to the current account and it will ask you for the GBP equivalent.

When you go to revalue the account, you can take the following steps:

  • Go into the bank account you wish to revalue and go to More options >> Settings
  • At the bottom of this screen it asks you to Record currency loss/gain movement

This open a journal populated with the correct nominal codes for this change to be made. Once you have filled in the figures, click on Save Journal Entry and this should then be complete for you:

I hope this helps, but if you have any further queries, please don’t hesitate to ask.

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