Hi there, I’m seeing an anomaly between an expense on my P&L and the actual amount I recorded as paid from our bank account for the same expense.

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Hi there, I’m seeing an anomaly between an expense on my P&L and the actual amount I recorded as paid from our bank account for the same expense.

  1. Colin8 December 6, 2016
    We bought some typography fonts for $149.00. I recorded this bill in USD$. I later then recorded payment for same from our EUR bank account; the EUR equivalent was €136.98.
  2. Colin8 December 6, 2016
    However, on my P&L, this expense is showing as €134.48 (I'm expecting €136.98 which is the actual payment amount I received).

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Peter Connor ⋅ Staff December 6, 2016
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That’s probably the fx fee charged for by the bank. 

#answer-4537
  1. Colin8 December 6, 2016
    When I look at the bill itself it has a record of the real payment we made for €136.98 under "Payment You've Made" but it still seems to think it's only €134.48.
  2. Peter Connor December 6, 2016
    Did you check for fx fees
  3. Colin8 December 6, 2016
    I didn't but I don't see how they are in the equation here. Under the bill, the "Total In" under the "Bill Totals & How They Should Look" says €134.48 as the equivalent amount for USD$149.00
  4. Colin8 December 6, 2016
    I didn't record that amount at all in bullet; the €134.48 has been auto-generated. It's only when I recorded the actual payment from our bank account am I asked to enter in an exchange rate
  5. Peter Connor December 6, 2016
    Cool - we'll have a look at it for you.
  6. Colin8 December 6, 2016
    Thanks
  7. Peter Connor December 6, 2016
    What's on the Bill (€134.48) is the amount that you would have paid if you had paid it on the day you received the bill (we calculate this automatically using the exchange rate on that day). So when you paid €136.98, we use the value you actually paid against what you would have paid on the day the bill was issued (€134.48), and we calculate the foreign exchange gain/loss using those 2 figures. In this case, you had a foreign exchange loss of €2.50 (136.98 - 134.48).

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