Reconcile currency mismatch in Trial balance import

Hi There,

I’m new to Quickfile and up until now (2 years) I’ve used a simple spreadsheet to do my company return (which drove me and my accountant nuts of course).
I’ve imported the trial balance for last year (my year ends Sept 2017) and I’d like to post all the invoices and accounts for the year oct’17-sept’18.

I have 2 bank accounts, a GBP and a Euro one, and in the trial balance (that is expressed in GBP) prior importing I’ve split the lines so that I could reconcile the 2 accounts.
So the GBP acount is perfect, but the system reads the GBP value of the EUR account as a simple number so when I import the trial it puts a EUR opening value to the account that is actually the GBP one, only with the currency sign changed to Euro. (so a smaller number).

I imported the trial balance in an attempt to solve the problem of the suspense account since I do not have many postings and I initially set the opening balance of all the suppkliers and clients and of the accounts, but then I actually didn’t know how to zero out the suspense account, simply because I’d like Quickfile to accept my initial values and start from these.

However now I’m facing a new lot of problems with these currency reconciliation!

What would you suggest to do to start clean with the accounts?

Thank you very much!

Hello @dvdrmn

Welcome to QuickFile!

With the EUR opening balance, it’s probably best to enter this directly as an opening balance on the account. So in the first instance, you’d remove it from the TB or you end up with it being counted twice.

Then, on your EUR bank account, to go More Options >> Settings:

And tick the opening balance box:

Enter the value in the currency (EUR in this case), and the date of that balance:

By default, this assumes the value based on the exchange rate on that day, which is visible on both the chart of accounts and in the journal section, although the journal can’t be edited (because of the currency).

For example, this is my Chart of Accounts entry:

The balance of the journal is 9998 Suspense account, so you would need to journal that our separately to ensure everything matches up.

I hope that makes sense, and helps, but please let me know if you need any further help.

Thank you Mathew,

I’m now doing it all over from scratch and deleted the TB entries since it’s easier then to allocate everything directly.

A couple of further points if I may: I have a customer who paid in advance, in the past year for an invoice raised only in the new year, so I recorded his opening balance in positive for that amount, and used a date that is before the opening of my financial year.
Same thing for a supplier that I paid in advance: I created a prepayment with a date preceding the opening of the financial year.
However in the bank account I can now see these two transactions, so I assume that I should set the opening balance of the account considering the effect of these two movement even if I have a n opening balance for a date well after these transactions.
I tried to input the opening balance as per bank statement but the system prevents me from setting an opening balance date after these 2 transactions, so the only possible solution was to adjust for the effect of these transactions and modify the OB.
Is this correct in your opinion?

Thank you

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