Hi QF community,
When choosing a business bank account, the multiple currencies and decent exchange rates in Revolut seemed great since some work was going to be paid in USD. As those of you who’ve used Revolut know, different currencies are kept in different sub-accounts and needs to be exchanged to the right currency before use. This has turned into quite a headache when doing the accounts!
QF is quite a blessing for me and the more I browse, the more options I find!
In QF, my bank balance was much higher than it really is because all transactions were assumed to be in GBP. I flicked on the multi-currency feature today, added a new Revolut account in USD and uploaded a bank statement with just the USD transactions. I then tagged the sales and now they are recorded in USD. All good so far!
But I don’t know how to tag the amounts I exchanged from USD to GBP. It doesn’t let me tag it as a ‘transaction between accounts’ since there is no other USD account. Would highly appreciate some help with this.
I’m also not sure about the bank fees in the transactions. When and where is it subtracted or do I need to do something to make sure the bank fees is recorded as an expense?
(FYI - When adding an account in a different currency (likely an international account), QF doesn’t let me use the IBAN in place of Account number and sort code, so this might need fixing in the future.)
TIA,
Puja