I have a Transferwise account in USD. This is listed in QF. We make some sales in this account and I tag them as sales and most of the time the money will just sit in that account.
However, the P&L is shown in GBP and these transactions do not appear. How can I make sure these transactions appear in the P&L?
Why do they not appear?
If the money is just sat in the account then it won’t appear in the P&L it will only show on the balance sheet. For it to appear in the P&L it would need to have a corresponding invoice etc.
Hope this helps
I don’t understand.
We have sales in our current account, we tag them as sales and they DO appear on P&L.
We have sales in our Transferwise USD account, we tag them as sales and they DO NOT appear on P&L.
Why the difference?
They should appear, they would appear in GBP and not USD though?
Ok, in your 1st msg you said they won’t appear and now you say they will appear. What has changed?
If they appear in GBP though, how do I know the exchange rate?
What is the easiest way for me to see if in the P&L?
Sorry, If they have been tagged as sales and so have an invoice then they should appear in GBP. If it is just Cash sat there then it won’t appear.
Ok how do you determine the exchange rate then?
How can I find this transaction in the P&L?
the sales will appear under general sales, so if you click into this the list will appear. The exchange rate is set by Xe.com on the day it is created.
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