Payment of a EUR invoice via an agency to a GBP bank account

I did a job and invoiced in EUR for it. Was paid via an agency in GBP into my current account. How do I now tag the payment in my current account to the invoice? It does not appear when I click the tag button and select theclient.

You would need to setup your agency as an additional bank holding account (Set the currency to EUR). You can then pay the EUR invoice into that holding account then add a second money out transaction here (less any fees) moving the balance from the holding account to your business current account.

Struggling a bit here.
So my agent was paid in GBP by the end client. Payment therefore came into my account in GBP but invoice is in EUR. I want to tag that transaction to the invoice to check currency exchange etc too

Hi @David_Wayman

Just to make sure I’m on the same lines as you, you have a EUR invoice which has been paid in GBP, but you’ve also paid an agency fee. So the money hitting your account will be Invoice total - Agency fee Is that correct?

The agency fee was taken into account on the invoice actually. Can you access my account to see what I’m getting at?

I think I’ve found the invoice you mean. From what I see, you’ve invoiced the agency, and I guess they then invoice the end client, including their own fee? But all you receive is the invoice value in full?

Should be the case yeah. I just want to tag the transaction for now though!

I think we’re getting there :wink:

In this case, you would need to log the payment through the invoice itself rather than tag it (because they’re two difference currencies).

On the invoice preview screen, go to ‘Log Payment’:

Because of the currency difference, you will be given the option to enter a GBP value:

You can tick ‘Paid in full’ if you wish, and it will generate the GBP value based on the current exchange rate. However, you can change this should it be different - it will just recalculate the exchange rate for you.

Once you press ‘Save’, it will create a new entry in the bank account you selected. If you already have one there, you can simply delete it.

Hope that’s all OK for you, and hopefully that helps :slight_smile:

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