Hi, gov.uk presents monthly exchange rates that should be taken into account. Do you use them? I pay myself salary in PLNs and QuickFile exchange rate to GBP is different. What’s the reason? Thanks in advance for your reply!
QuickFile uses daily rates pulled from xe.com, apparently in the early hours of each morning.
Hi, unfortunately I used HMRC rated to pay my salaries. So, I’m afraid I must stick to them. So the only solution is to override the exchange rate that is auttomatically populated.
Any other idea? BTW how to override the exchange rate the easiest way? I must do it for every transaction in foreign currency.
If you use a different rate to that shown by QuickFile, you would just need to enter the correct one when you’re prompted.
Hey, how to do that? "When prompted? I use 2 currencies: EUR and PLN. There are different transactions on bank account imported. How to correct exchange rate for all of them? When will I be prompted?
To have a transaction in a different currency, you would need either a bank account set up in that current, or an invoice. As you’re paying yourself, I’m assuming you have a bank account set up in PLN, but I’ll also show you with an invoice.
Foreign Currency Invoices
If you have an invoice in a different currency, for example, EUR, if you go into the invoice itself and click ‘Log Payment’, you will be presented with the option to enter the GBP equivalent:
This will recalculate the exchange rate based on this compared to the EUR value, and is shown on the right hand side of that dialogue.
To get the money in the PLN account, you would need to transfer it from the GBP account.
If you do this from the GBP account, you will need to enter the PLN value. For example, I’m paying 2,500PLN, which at the time was worth 495.00GBP. I enter the transaction for 495GBP, and tag it as a transfer. I’m then asked for the PLN value.
If I do it from the other side, tag it as a transfer into the PLN account, I’m asked for the GBP value:
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