Tagging USD payment and prepayment

Hi, could you please help with below:

  1. If a customer has prepaid say 1K to buy goods from us, and this money is used for the forthcoming
    sales £100, £200, or £120, and we keep a statement with this client, so how can we tag this prepayment £1000? and by the year end, it may showing a credit or debit on the account/statement with this customer.

  2. We issued a USD invoice (showing a sterling amount using the exchange rate of the date of invoice) , but we received in sterling at a later date, the amount of sterling is different from the one showing at the time of invoice, so how can we match the amount and tag it as fully paid?


Hello @codole

  1. Firstly you would tag the transaction to the client account as a prepayment (please let me know if you need help with this). Then, from the invoice you wish to pay down, you can use the “Log Payment” button and tick the box “Pay from credit”. This will then deduct the invoice balance from the prepayment.

  2. As above, use the “Log Payment” button from the invoice view itself. If the invoice is in USD and the payment in GBP you can enter the new value and QuickFile will automatically record the currency gain/loss for you.

thanks Mathew,

  1. to tag the transaction as prepayment, I did not see I can allocate to a particular client, please help
  2. USD invoice to log payment using a new value? this will duplicate an entry in my bank transactions.
    please detail how I could do this. for example my usd invoice is 1000 dollars, but my bank transaction shows paid sterling £800


When you tag the transaction, select “Payment from a client”, and then the “Pay down multiple invoices or hold on account” option.

This will prompt you to enter a client’s name and you can allocate it to their account that way.

With the USD invoice, the payment needs to be created from the invoice side. You’re correct in saying it will create a bank transaction for you, in which case you can safely delete the untagged entry on your bank statement.

Hopefully that makes sense, but if you need further help, please let me know and I’ll try and give some better steps when I’m back in the office.

thanks matthew, another question:
I have a client who had a credit in accounts from 2018 (last year), as I have already created a client,
I could not enter this credit figure as opening balance , so I did the way Glenn posted to make this credit as a prepayment for this client, then it appears on the bank transaction, and the opening balance for bank statement is wrong , I will need to change the opening balance in the setting, but I don’t know how, it shows a current account and suspense account there, could you please help?

When you record an opening balance, it effectively just creates a journal for you. So the journal you see with the current account and suspense account - that would be where the changes are needed. Just update the values there and that’ll change.

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