Open bank feeds - override manual payments

Support
1

I have always just marked the invoice as paid manually. I didn’t know there was another way of doing it until now!

I have now set up the bank feed with my Wise GBP account. However, I can’t seem to add my Wise Euro account.

Most of my invoices are in Euros. I am paid into my Wise Euro account and then I transfer the money into my UK account.

Now that I have set up the bank feed, is it for that to override the payments in GBP that I manually entered for the tax year 2021-22?

How can I take into account the fees that Wise charge for converting the money from Euros to Pounds?

2

Hello @Whitey

You can tag currency charge fee’s transactions to the Currency Charges nominal code (7902)

Click Tag Me next to the fees transaction > Something else not on the list

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3

Thanks so much Steve. Could I add up all the fees I was charged in 2021-22 and enter them as one sum?

What about editing the amount I received in pounds? Is it possible to do this per invoice?

4

Hello @Whitey

Posting the fees as mentioned above would not require an invoice they are being posted directly into your overheads

What about editing the amount I received in pounds? Is it possible to do this per invoice?

I am not sure what you mean by this.

5

Sorry if I wasn’t clear. Let me try to rephrase. The amount in pounds for my Euro invoices is not correct. I would like to put the correct amount in pounds but I can’t see how to edit the amount.

If I am able to update the amount in pounds for my Euro invoices, should I put the amount I actually received in my GBP bank account, i.e. after currency conversion fees? Or should I put the amount that I would have received had there been no fees? Should if this seems like a daft question but I am on a steep learning curve!

6

Hello @Whitey

You would process invoices in euro at correct ex rate ( QuickFile will use xe.com rate on that day by default but you can change it)

You would record GBP payment in QuickFile on correct day as you received it(it will use xe.com rate on that day)
When you Tag them the currency differences will be handled by QuickFile

7

OK, thanks Steve.

Could you get back to me about my query in relation to setting up an open banking feed with my Wise Euro account?

Many thanks!

8

Hello @Whitey

If you are wanting to have 2 bank feeds from the same provider you have to authorise them at the same time.
In your case you would need to disconnect your Wise GBP account and add it again.

When you adding it again you are asked which accounts you want to give authorisation for, you would select both GBP and Euro accounts.

9

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