Can We Reconcile With USD Invoices In Bullets Business Accounting Online

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Q: Can We Reconcile With USD Invoices In Bullets Business Accounting Online?

We spoke about this before, but wanted to check in with you.
I’d like to use your bank account reconciliation process. We have an AIB current account, and would like to import and reconcile these, rather than entering each transaction into Bullet manually.
Most of our invoices are in USD, and they arrive in paid as final Euro amounts in our AIB current account.
When going through the Reconcile Transactions process, matching a USD invoice with a Euro payment ends in seeing the failcat in Bullet.
Since it’s not developed out, what’s your best suggestion for how we should handle transactions that we imported from AIB? Would it be to not use the reconciliation feature?

1 answer

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john_bullet ⋅ Staff May 12, 2014
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Howdy Eoin,
I just sent you an email, but I’ll answer your question here as well:
This failure issue is because you are trying to reconcile 2 items which are not in the same currency.
When the currencies are different, we don’t know what the exchange rate is so we cant do the reconciliation.
Instead you should do the following :

  • go to the invoice and record the payment.
  • do the reconciliation between the bank transaction and the invoice payment

Since the bank transaction and the invoice payment are in the same currency the reconciliation should work.

#answer-478
  1. Eoin May 13, 2014
    Very nice, thanks for giving a working way to do it.
  2. lukejr March 19, 2018
    John, how do you account for the currency fees? I lodge a USD cheque into my EUR bank account. But there is a bank fee which was charged at deposit time, so the amount deposited is €20 less than the invoice after currency rate.

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