Opening balance for foreign account

I have created a journal for opening balances. One of the Nominal accounts is my Euro bank account. I have to put in an equivalent GBP figure because all the other opening accounts (retained profit, director’s loan etc) are in GBP and they must all balance. The problem is that quickfile automatically uses this figure as the opening balance of the EUR account without converting it to Euros.

What can I do?

You could try manually entering the opening balance in the euro bank account under settings. It will create its own journal which you can use to move the double entry from the suspense account to where it should go. Obviously remove this opening balance from your first journal.

Thanks for the suggestion. That 98% fixed the problem. The new problem I have is that Quickfile automatically chose it’s own exchange rate that differs slightly from the one I had in my historical accounts. The difference is about £40 and that has made my Net Assets figure on the opening balance sheet wrong by £40 (which is annoying).

Yes I think there is an adjustment method somewhere but I’m unsure of how to do it @QFMathew may be able to help with that.

Probably the simplest fix would be to add the Euro account GBP equivalent opening balance to one of the other GBP bank accounts in the initial trial balance (so the Euro account has a starting balance of zero), then manually add a transaction to the Euro account for its opening balance in euros and tag that as a bank transfer to/from the account where you put the GBP equivalent.

Tagging as a bank transfer should allow you to set the exact GBP amount for the other end of the transfer to get it all to match up in both currencies.

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Thank you Ian, that worked!

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