Tagging payments to euro suppliers paid via hifx


Bit of a confusing one, I purchase equipment from suppliers in Italy - when we pay them I use Hifx to make the payments so we then pay Hifx who then send the funds to our suppliers, I am really struggling to tag the payments from our bank feed showing as Hifx to the purchase invoices from the suppliers, I can pay off the amounts in the purchase record but it is then creating extra payments in our bank account. So I deleted these and tried to tag the payments to Hifx to the suppliers but as I am raising the invoices as euro I can not assign the payments – aaarrrrgggghhhhhhh I need to finalise my accounts and this is giving me a headache!

It should tag, if not try delete entry from bank feed and manually log the payment

  • Create a new Euro merchant account for HiFX as shown below:

  • Tag the transfer from your Business Account to HiFX as ‘Bank transfer between accounts’, make sure to enter the FX amount received in the HiFX account:

  • Now pay the purchase invoice from the Italian supplier from the HiFX Merchant Account created in step 1:

You can now see that the purchase invoice from the Italian supplier has been paid in full and any balance remaining in the HiFX account will sit on the Balance Sheet and is shown on the HiFX account in Quick File:

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