Reconciling multi-currency invoices with a bank statement

I’ve had this same problem and wasn’t sure what to do.

It would be great if I could enter the invoice in the local currency (AUD in this case) and then make sure the conversion rate is correct - the app doesn’t let you edit the converted GBP amount like it does on the website (what was actually deducted from your bank account, as it can be off by a p or 2), so you have to manually calculate this, which is a bit annoying. And then, if it allowed you to reconcile from the GBP bank account, to the AUD invoice that has been converted to GBP, that would make life a lot easier. It just says that there is no outstanding payment for that supplier for that amount. Even though there is, but it was entered in AUD and then converted to GBP.

I cannot create the invoice in GBP, because this then doesn’t allow you to show the actual AUD amount that was paid, so the attached receipts make no sense. If alternatively, a GBP invoice allowed you to convert backwards to the AUD amount that was actually charged by the supplier that would be ok too.

I’ve ended up having to delete the bank account entry (as suggested above) and manually recreate a payment from the receipt hub on the app or the purchases area on the website. This works, but is a bit onerous if there are a lot of foreign purchases coming through on the automated bank feed.

Is this something that may be made easier in future?

Overall, I’m still finding the system (and the community support in particular) really great, so thanks for all your work on it. I feel more confident than when I was using Xero previously, due to the help I recieve on these forums.

Hi @inclusiveweb

Glad to hear you like QuickFile, and the community :slight_smile:

Can I just clarify, by “app” - are you referring to the main web app, or one of our mobile apps (iOS or Android)?

In the web app you can enter your own conversion rate. At the time of the invoice being created, this should reflect the exchange rate on that day. When the payment is logged, it should reflect the value of the payment (in which case, you can enter the GBP value too), and this will automatically log a currency fluctuation for you.

There are no plans to change the way non-GBP transactions are recorded, but you’re more than welcome to start a #feature request thread outlining what you would like to see.

Hi @QFMathew,

Yes, I was talking about the Android app.

And yes, the Android app allows you to enter an exchage rate, but if you want to enter the amount you actually paid from your GBP credit card, so when you tick the ‘Deposit payment to bank’ option the amount matches the actual amount debited from your credit card, you would need to calculate the exchange rate manually in order to get the correct amount, because you can’t edit the GBP amount, you can only edit the exchange rate. And the calculated amount is not always correct. The daily exchange rate is usually very close, but often out by a p or 2, so if you just accept the default, the converted amount won’t be the same as the actual debited amount.

I’ll head over and raise a feature request as you suggest. However, I’m not interested in changing the way the non GBP items are recorded. The feature I am interested in is allowing non GBP invoices to be matched to GBP bank items, so they can be reconciled without having to delete bank account entries and then re-enter them manually. This process seems prone to errors. I guess this would mean showing non GBP invoices with their converted to GBP values within the reconciling screen, so there becomes an option to reconcile to them. As you would do when working with Xero for example.

Thanks (as usual) for your quick response.

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