We bill our US client in USD. They pay into a MoneyCorp FX account, I pay an offshore consultant in USD from there and convert the remainder to GBP into our business current account. I went to set up MoneyCorp as a bank account but it is not available. So how does one integrate the details from MoneyCorp into the accounts on quickfile?
Thx.
David
Is the MoneyCorp Account a pure USD account? If you have multi-currency enabled on your account, when you add the bank account you can set the currency to USD. It doesn’t matter that MoneyCorp is not available on the drop down list, just select other.
Well MoneyCorp is an FX service, so we do not have a account number and sort code, just a client id. Not sure what to put in those fields when setting up the account in quickfile?
thx.
David
The account number and sort code fields are not mandatory so you can ignore them. In Quick File you would need to create bank accounts for every currency you are collecting through MoneyCorp, you can name them MoneyCorp FX - USD, MoneyCorp FX - EUR etc.
When an invoice is paid in USD to the MoneyCorp account you log the payment to that account and when MoneyCorp remit the funds in GBP you would treat this as a transfer from the MoneyCorp account to your Current account.
The USD amount coming in is split into 2 amounts, to pay an offshore subcontractor in USD and as a USD->GBP deal into my company current account. I saw another posting on splitting this into 2 entries.
So for paying the subcontractor, I select “Payment from a supplier” which it is, but that does not allow me to map to then pay a purchase order?
Also it is not clear how to deal with the FX deal into my GBP current account, which has the invoice ready to tag, but the quickfile is not allowing that. I used “Payment from a supplier” then transfer between accounts, but I already have a separate transaction entered for this FX deal and transfer?
You can split the figures on the bank and tag one part to the USD sub-contractor and transfer the remaining amount to the Sterling account.
In general bank tagging only works when tagging something in a bank account denominated in the same currency as the invoice. If you’re trying to link a USD entry in a USD bank account to a GBP invoice you’d need to manually lodge the payment in the GBP invoice to the USD account specifying the amount received in USD.
Multi-currency I’m afraid can be complex at first, there are often a few ways to account for things you may want to consult with your accountant for guidance.
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