Tagging GBP payment against euro bill

Accounting
1

Hi

  1. We have few Euro purchase bills against which we have made payment in GBP through FX agents.
    We are unable to tag from uploaded bank statement ie it is not automatically showing paid in Purchase management

  2. We have East Midlands Chamber bill with VAT. Please help us how to create VAT invoice with professional fees as head of accounts

Also need help in entering opening liability and asset

Thanks
Jay

2

For foreign currency purchases exactly how you handle it depends how the FX service treats their fees. If they just bundle their fee into the exchange rate (you pay them £1000 and they convert £1000 to €1130 euros at 1.13 to the pound with no explicit fee) then you could just “log payment” on the euro purchase directly to the current account and set the euro and pound values there. This will create a duplicate transaction in the bank account and then you delete the untagged one from the feed.

If they make their fees explicit (you pay them £1000, they convert £982 to €1130 at 1.15 and then invoice you separately for £18 fees) then you need to treat the exchange service like a bank - create a merchant bank account in QuickFile, log the purchase payment as €1130/£982 from the merchant account, tag the £1000 out of your current account as a bank transfer, and then make a separate purchase of £18 for the fees, paid from the merchant account to return its balance to zero.

For number 2 it should just be a case of selecting the right purchase category in the list when you create the purchase record - what exactly is the problem here?

3

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