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
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
Did you exclude the bank fees (they can hide them in transfers)?
We don't automate the exchange rate, cause the banks fees are usually present
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
We'll need a deeper look into this, it will be later today when we're back to you on it
P
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
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 :(
£17,500.00 * 1.379501 = €24,141.2675 - we apply rounding to this figure, which is why you get €24,141.27. However, it seems like the bank rounded down - hence the €24,242.26 figure. For just this sort of even, down at the bottom of the reconciliation page, there is an "auto-adjust" checkbox that you can tick when you want to reconcile amounts that aren't exactly the same. If you tick that, it will let you reconcile the bank statement line with the bank transfer.
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
https://uploads.intercomcdn.com/i/o/2245027/f1e90db510fabf7bca973835/Screenshot%25202015-09-24%252014.58.22.png
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
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.
Thanks for the reports too. It will make life a lot easier.
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
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