Hi there, I’m trying to reconcile bank accounts and found a bug. We transferred money from our GBP A/C to our EUR A/C but when I try to reconcile the amounts don’t match. See the attached screen shots. You might have a look in case there’s something obvious that I’m doing wrong. Thanks Sonya

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Hi there, I’m trying to reconcile bank accounts and found a bug. We transferred money from our GBP A/C to our EUR A/C but when I try to reconcile the amounts don’t match. See the attached screen shots. You might have a look in case there’s something obvious that I’m doing wrong. Thanks Sonya

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Peter Connor ⋅ Staff November 14, 2015
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So you’re saying that the Euro amount is wrong?

#answer-2192
  1. Fitz November 14, 2015
    Correct. If you look at the second screen shot it's trying to match 24141.26 that came into the account but the manual journal entry (which is correct) it inputting the GBP amount rather than the EUR amount.
  2. Peter Connor November 14, 2015
    Are the exchange rates right?
    Did you exclude the bank fees (they can hide them in transfers)?
  3. Peter Connor November 14, 2015
    *exchanges rates being the ones the bank is using (not the actual rate. Should say it on the statement.
  4. Peter Connor November 14, 2015
    We don't automate the exchange rate, cause the banks fees are usually present
  5. Fitz November 14, 2015
    Yes they are correct. The rate I'm using is exactly what came into the account excluding bank fees. The problem is not the rate or the fees it's that the GBP amount is appearing on the reconciliation (image 2) and not the EUR amount. When I reconciled the GBP bank account the £17,500 reconciled perfectly.
  6. Peter Connor November 14, 2015
    Cool we'll have a look at it S and let you know.
    We're still investigating the excel issue. What version of excel are you using (it's hard to fix cause it works for us).
    Pete
  7. Peter Connor November 14, 2015
    Hi S,
    We'll need a deeper look into this, it will be later today when we're back to you on it

    P
  8. Fitz November 14, 2015
    Ok no worries, thanks, I'm on Excel 2007 and use a PC not Mac. I'd say I'm one of your most dreaded customers. We have 3 business selling goods and services in domestic, EU and International markets with GBP & Euro bank accounts, and processing multiple recurring credit card currencies with Stripe and paypal. Surely we have every variable you could imagine!!! It certainly feels like it to me anyway ;)
  9. Peter Connor November 14, 2015
    Ha, actually nearly every SMB is kind of similar. The minute you use PayPal you're a multi currency business.
    We talked to a huge, I mean use US payments company. They brought out a Till system for SMB's, and thought we'll have this done 6mts. 2 years later they got V1 out the door.
    Big biz will say - we only deal in DD's. But, SMB take cash, paypal, sterling etc. So although the amounts aren't huge the complexity is.
    Anyway I'll get this looked at and get back to you.
    P
  10. Fitz November 14, 2015
    I can imagine. I've mentioned it before but another thing you might look at is including the Euro value and the VAT number on the Exports for Invoices and Bills as it would make life a whole lot easier for the Intrastat returns which have to be filed in Euro. Txs
  11. Peter Connor November 14, 2015
    I know - to create the report needed is about the same amount of time to do the return.
    We're kind of keeping away from tax returns at the moment - nobody values them till they've to do them. At that stage they're already using a product :(
  12. Peter Connor November 14, 2015
    I know - to create the report needed is about the same amount of time to do the return.
    We're kind of keeping away from tax returns at the moment - nobody values them till they've to do them. At that stage they're already using a product :(
  13. Fitz November 14, 2015
    Hi John,
    Thanks for the reply but the problem is not the cents amount it's the currency itself. If you have a closer look at the attached screen grab you will see that it's trying to reconcile €24,141.26 with the first entry on the "What You've entered into Bullet" list with £17,500. So the problem is that it's using the GBP value of the bank transfer for reconciliation and not the Euro value. Hope this is clearer.
    Sonya
  14. Peter Connor November 14, 2015
    Thanks for the clarification Sonya - apologies I misunderstood initially. We'll review this and get back to you.
  15. Fitz November 14, 2015
    Hi John,
    Any news on this one yet?
    Also just to follow up on putting the Euro value as well as the foreign currency value on the export reports would be very useful for many things i.e. calculating commission, and not just working out the figures for the Intrastat returns.
    Kind regards
    Sonya
  16. Peter Connor November 14, 2015
    Hi Sonya,
    We've been looking at this for a few days. The advice we'd give you is to do the reconciliation on the GBP bank account for that bank transfer. Currently, you can only reconcile a bank transfer once (we're working on making it possible to reconcile it twice; once for the money out and once for the money in).
    On the exports, we'll add exchange rate and EUR value into the exports for invoices and bills. Thanks for the suggestion and I'll let you know when we've updated our servers with that feature (should be later this week)
    John.
  17. Fitz November 14, 2015
    Thanks John, I'll just keep skipping it in my reconciliation until the correct amount appears.
    Thanks for the reports too. It will make life a lot easier.
    Sonya
  18. Peter Connor November 14, 2015
    Hi Sonya,

    If there was a specific Foreign Currency Gains & Losses report, would that be more or less useful than having the exchange rates in the individual invoice/bill reports?
  19. Fitz November 14, 2015
    Hi John,
    For me having it all in the one report works best as I need to calculate sales people's commission based on paid invoices. This involves exporting the invoices report and calculating their percentages. Right now it's a pain because mixed in with all the Euro amounts are the foreign currency values and not the Euro values so I have to manually change them to get the totals I need.
    Similarly for the import returns we export the money out report and calculate all imports. Those in the foreign currency have to be manually changed one by one.
    Many thanks
    Sonya
  20. Fitz November 14, 2015
    Hi John,
    So far I'm liking all the new changes that you made to the site but I haven't spent much time doing accounts yet today so if I've any feedback I'll let you know.
    In the meantime however you might let me know about your comments below as I don't see the changes to the export?
    Many thanks
    Sonya
    Hi Sonya,
    We've been looking at this for a few days. The advice we'd give you is to do the reconciliation on the GBP bank account for that bank transfer. Currently, you can only reconcile a bank transfer once (we're working on making it possible to reconcile it twice; once for the money out and once for the money in).
    On the exports, we'll add exchange rate and EUR value into the exports for invoices and bills. Thanks for the suggestion and I'll let you know when we've updated our servers with that feature (should be later this week)
    John.
  21. Fitz November 14, 2015
    Hi John / Peter,
    Just wondering if you're any closer to resolving the GBP Money In and Out bank reconciliation as discussed below?
    Kind regards
    Sonya
  22. Peter Connor November 14, 2015
    Hi S,
    I'll have chat with John about this and get back to you.

    Pete

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