Tagging Euro payments to my UK bank account

Support
1

Hi All,

I apoligise for this post but my brain has gone dead.

I have a GoCardless Euro Control account to deal with the monthly payments received from my one ROI customer. I enter the Gross, Nett and Fee values. The account balances. In the past, when I tagged the Nett figure (in euros) a form appeared where I entered the GBP equivalent and the corresponding entry in my current account was found and the tagging completed.

This used to work but has now stopped working.

I need to link 3 payments from my GoCardless Euro Control Account to my GBP Current Account, as follows:

8 Aug 60 Euro (£50.85)
9 Sept 60 Euro (£50.48)
8 Oct 60 Euro (£50.49)

Please tell me how to do this.

Regards

Gary

2

This issue usually arises when QuickFile either can’t automatically match the two transactions (due to a change in the exchange rate process or the way the money moved) or the functionality you used before has been updated.

The process of transferring funds between a foreign currency account (GoCardless Euro Control Account) and a GBP account is done via a Bank Transfer with a currency conversion.

Here is the step-by-step process to correctly link those Euro deposits to the GBP Current Account using a bank transfer method, which ensures the correct exchange rate for each payment is recorded.

:euro_banknote: Step 1: Start the Transfer from the Euro Account

For each of the three payments, you will initiate the transfer from the GoCardless Euro Control Account.

  1. Go to your GoCardless Euro Control Account bank statement in QuickFile.

  2. Find the first transaction: the Net figure (the one after the fee has been deducted) on 8 Aug for 60 EUR.

  3. Click the Tag Me! button next to this transaction.

  4. In the tagging window, select Transfer between accounts.

  5. When prompted, select the destination account as your GBP Current Account.

  6. A new window or field should appear, asking for the amount transferred in the destination currency (GBP).

  7. Enter the specific GBP amount that arrived in your GBP Current Account for that payment: £50.85.

    • Note: QuickFile will automatically calculate the exchange rate for this transfer based on your input.

  8. Click Save or Confirm. QuickFile will now mark this transaction as ‘Tagged’ and create a corresponding entry in the GBP Current Account.

:pound_banknote: Step 2: Confirm and Delete the Duplicate in the GBP Account

Now you need to go to your GBP Current Account and tidy up the transactions.

  1. Go to your GBP Current Account bank statement.

  2. You should now see two entries for the £50.85 (or similar amounts for the other dates):

    • The original entry from your bank feed/upload (marked as Tag Me!).

    • The new, pre-tagged entry created by the transfer in Step 1 (marked as Tagged).

  3. Delete the original, untagged transaction for £50.85 on 8 Aug.

:repeat_button: Step 3: Repeat for the Remaining Payments

You must repeat the entire process (Steps 1 and 2) for the remaining two payments to ensure the correct conversion rate is applied for each day:

  • 9 Sept: 60 EUR $\rightarrow$ £50.48

  • 8 Oct: 60 EUR $\rightarrow$ £50.49

Once you have completed this for all three, your Euro Control Account balance should be correct, and the corresponding entries in your GBP Current Account will be correctly tagged as transfers.

What if the “Match” option is available?

In a newer or different setup, QuickFile might offer an option to match an existing transaction when you perform Step 1.

  • When you tag the 60 EUR transaction as a transfer to the GBP Current Account and enter the GBP amount, if QuickFile finds an untagged transaction for that exact GBP amount on or around the same date, it might offer you the chance to match the two existing entries.

  • If you see this, select the matching existing GBP transaction, and it will link the two without creating a duplicate, making Step 2 unnecessary.

If you continue to experience issues, I recommend checking QuickFile’s Multi-Currency Settings to ensure they are still correctly enabled for both EUR and GBP.

3

Hi FK,

Many thanks!

The transfer window has definately changed from my last VAT return of 3 months ago. I started at step 1 and QF found the corresponding entry in my Bank C/A and tagged perfectly. All sorted. No duplicate to delete.

Regards

Gary

ps. my multi currency settings were OK