Hi everyone, I’ve just started using Quickfile to do accounting and I have already hit a bit of a snag. See the following screenshot: [image] My situation is as follows: I have only one account: Wise EUR I received an invoice denominated in USD I paid the invoice from my EUR account and let my…

[image] Magne_Lauritzen: Perhaps you instead mean I create a synthetic GBP account just in Quickbooks. That’s the idea - you would need a GBP denominated “merchant” account in the QuickFile banking section. Tag the money out of your EUR account as a bank transfer to the GBP merchant account a…

Hello @Magne_Lauritzen You would need to use a middle account to deal with this situation please see this similar post: [image] Pay USD invoice with EUR account Accounting I don’t actually issue invoices in more than one currency, so a bit blind here… however, may be wor…

Steve, Am I understandinging you correctly that Quickfile only supports paying foreign currency invoices in the same currency or GBP? Your recommendation is that I set up a completely new GBP bank account and transfer my company funds there just for the purpose of paying non-EUR invoices? I hope…

Thank you Ian, that’s a great explanation. What a tedious task, though. Why won’t Quickfile accept that some companies don’t have GBP accounts? In my case for example, I never receive or issue any GBP-denominated invoices because I deal only with foreign clients and suppliers.

There has to be a GBP equivalent for every transaction since for any UK based business your accounts and tax returns have to report everything in GBP. I guess it would be theoretically possible for them to allow foreign to foreign payments but there would still have to be some way to assign a GBP va…

I naïvely assumed that Quickfile would use the exchange rate of the currency used to actually make the payment (EUR in my particular case in this thread) to calculate the GBP value. But as this is my first foray into accounting, I’m certain there are complexities I am unaware of. For now I will jus…

USD invoice paid from EUR account (no USD or GBP accounts)

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QFSteve 16 May 2025 16:03 2

Hello @Magne_Lauritzen

You would need to use a middle account to deal with this situation please see this similar post:

I hope this helps.