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Payment Allocation Error

Hi

Can someone please help. I have allocated a payment to a supplier as shown on screen shot of $2,000. The invoice says paid, nothing outstanding sitting on creditors but under the Dec 2020 monthly balance it says there is equivalent in GBP outstanding £1239.35 which I can’t understand how that is happening when I received the $2000 in full. I have another supplier with the same problem!

Would appreciate some help as nee to submit my VAT return and current paid amount is incorrect.

Thanks

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What is the £241.91?

I don’t know! When I allocate the $2000 it splits it as shown on the screen.

Has the same exchange rate been used for the payment that the invoice used?

Thanks for your help so far. I have just checked and for some bizarre reason the payment exchange rate is US8.2677 to 1 GBP!

How did that happen? How do I fix it?

Thanks

Silvia

Hi @Silvia1,

When you logged the payment you may have just entered the GBP value incorrectly (perhaps missed the digit from the start) so that it was hundred rather than thousand. If you remove the payment and re-add it this should fix it
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If it was entered like this then the 1 was missing from the start of the GBP amount

I tagged the payment through the bank account. I didn’t enter the GBP amount or the exchange rate as this is usually automatic.

I’ve untagged and re-tagged a few times but no difference. I also deleted the supplier account and re entered it and same problem!

Hi @Silvia1

We did try to replicate this on our side, but we weren’t able to.

We’ll send you a private message now to get some more information from you. You should see a green notification in the top corner shortly.

Hi Matthew

Just tried replying to you on private email but email failed sending and got the below reply.

We’re sorry, but your email message to removed (titled Re: [QuickFile] [PM] Payment Allocation Error) didn’t work.

Reason:

Sorry, new users can only put one embedded media item in a post.

If you can correct the problem, please try again.

Can I send to different email account?

Hi @Silvia1

It may be best to try replying on the forum itself rather than by email.

A post was split to a new topic: Payment Allocation Issues

If you tag a foreign currency payment directly from a bank account to the relevant foreign currency invoice the exchange rate is set by QF using xe.com and most likely you’ll find after allocation there is a discrepancy between the two exchange rates used for the invoice and the payment.

To fix a discrepancy not being generated the payment should be allocated directly from the invoice raised as this allows to override the exchange rate set by xe.com and this way you should be able to get your payment to match the invoice,; but that will not always be possible refer to “Four decimal places” Four decimal place exchange rate.

After manually creating the payment directly from the invoice; there will be a duplication of the payment in the relevant bank account…copy and paste the description that your bank provided and move to your manual entry of the payment…then delete the duplicate payment received via your bank feed or uploading a bank statement.

PRE-CHECK before allocation - Amend INVOICE exchange rate to equal the PAYMENT sent prior to allocation’, as this is not editable after a payment has been allocated…of course possible by deleting the payment and starting again! Many goes and eventually found a way!!

Usually if using the QF/xe.com allocation method there would be a few pennies difference; but rather strange exchange rate calculated for your transaction for such a large discrepancy to be reported.

I think I get this issue too, but as I never look at the charts I hadn’t really noticed but for some reason it doesn’t do it every month.

The supplier is set as being USD and purchases are entered from receipt hub the payment is logged from the invoice. So this might suggest it is a currency conversion issue?

Hi @Lurch

In this case, the issue was down to the TransferWise bank feed.

TransferWise did supply an exchange rate for the payment, but it wasn’t for GBP but rather SEK.

If you notice any issues you want us to look into though, please don’t hesitate to let us know and we’ll take a look for you :slight_smile:

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Hmm, odd then. There is a discrepancy somewhere though as the purchase invoices are paid up but the bar chart shows outstanding amounts. I suspect the difference is the currency adjustment which the bar chart ignores?

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Humbugs…mmm, probably better described as Everton Mints!

Really quite difficult to process foreign currency invoices without some discrepancy occurring.

I’m happy it’s accounted for, the invoices are adjusted and are correctly paid up AFAIAA so the issue is one of a UI nature, so this “issue” is IMO low priority as I’ve never looked at or properly understood what the bar charts mean, and I’m not entirely convinced they are of any use to me anyway!

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