I invoice a company in Euros. The payments arrive in bank as £s and I put them as pre-payments against the supplier.
When I go into the invoice and try to “Log Payment” the pre-payments do not show up.
Hello @SimonR
Prepayments are stored in the respective currency on the client account.
If you wish to store a euro prepayment you would need to tag the incoming pounds as a transfer to a euro bank then create a bank transaction in the euro account to tag to the
It is possible to create cross-currency pre-payments directly, but not via the bank account tagging workflow. You have to go to the relevant client’s summary page (sales → view clients → click on the client’s name), then more options → new prepayment. Enter the GBP amount, then there is an option to “make credit available for” where you can select the target currency. If you pick “EUR invoices” here you can enter the effective EUR amount and save this as a Euro-denominated prepayment. Sadly the foreign currency amount doesn’t pre-populate with a suggested value based on the target date’s exchange rate, you must enter the exact foreign amount yourself.
As usual with these situations, you’ll end up with a newly created pre-tagged money in transaction on the selected bank account, and you’ll have to delete the duplicate untagged one from the feed to balance things up.
That’s great , Ian and better fits our working methods.
OUch. That’s not very helpful to have to have another ‘Euro’ account when the translation to GBP has already been done by my bank.
Anyway - thanks for your input.