Tagging payments to invoice in a different currency

Hi there, I’m trying to tag payment (in other currency, that’s why it can’t be matched by exact amount of money), but no success, unfortunately. I click:
Tag me -> Payment to supplier -> Search range -> 6 months before and after the transaction date
It says: "No matching purchase invoices"
Then I select “pay down multiple invoices” -> Allocate to supplier
Then I select appropriate supplier and it says: “No unpaid purchases found for this supplier.” - but it’s not true as there is unpaid invoice. Program also states this clearly after logging into system.

Your help is highly appreciated.
Many thanks in advance and good night!
Andrzej

Hi @and4zej

Are you able to give me an example of an unpaid invoice for this supplier please (just the invoice number is fine), and I’ll ake a quick look for you?

Can you also confirm the last 3 digits of your account number please?

[Edit]
Having looked at your post with fresh eyes this morning, I think I read it slightly different last night.

With the tagging process, it’s locked to the currency of the transaction. For example, a GBP transaction cannot be tagged to a USD invoice.

What you would need to do, is go into the invoice itself and click ‘Log Payment’ at the top. This will allow you to specify how much has been paid and the equivalent bank currency (e.g. $500.00 and £380.00). You can then safely delete any duplicate bank transactions providing it all balances.

If you need help with this, please let me know

Hi,
Thanks for this hint. I knew I could do that, but I can’t then link this payment with relevant transfer from proper account. Any ideas on how to solve this?

Cheers,
A

When you log a payment against the invoice it will create an extra (pre-tagged) transaction on the bank account side. You then simply delete the untagged duplicate instead of tagging it.

If you really want it to match your statement, you should then be able to edit the text shown for that tagged transaction in the bank.

Thanks folks for your help. I really appreciate this. I’d like to book this the most elegant way…
I used transferwise.com to pay an invoice in different currency. So I have prepayment and then they return the excess. I need to link this with an invoice in different currency.

I use transferwise too, though in my case it’s simpler as it’s GBP to EUR where they guarantee the exchange rate. But it should be doable the same way with you.

I use a holding account in QuickFile, i.e. a fake bank account, denominated in GBP. The payment I make out of my current account to transferwise is tagged as a straight GBP-to-GBP bank transfer to the holding account, then I raise a purchase invoice for the transferwise fee and mark it as paid from the holding account. Now I log a payment against the EUR invoice from the holding account, setting the GBP amount to the amount I paid transferwise minus their fee, which leaves the holding account at zero.

In the case of a non-fixed exchange rate I guess it’s the same. The payment from you to transferwise is a normal transfer, you log the invoice payment once you know the correct exchange rate, and their refund of the excess is tagged as a transfer the other way, from the holding account back to your current account.

That’s what I did with petty cash, but … was hoping there is any better option. Anyway, thx for your time and explanation.

Anything where you’re making one payment out of your current account that splits to two different suppliers (in this case the fees to transferwise and the foreign currency payment to your real supplier) needs to be handled with a holding account in QuickFile. Conceptually it is the right way to think about it, TransferWise are acting like a bank account.

This topic was automatically closed after 7 days. New replies are no longer allowed.