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

1 answer

Peter Connor Staff October 10, 2015
Public

So you’re saying that the Euro amount is wrong?

#answer-1995
  1. Sales fitzplant October 10, 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 October 10, 2015
    Are the exchange rates right?
    Did you exclude the bank fees (they can hide them in transfers)?
  3. Peter Connor October 10, 2015
    *exchanges rates being the ones the bank is using (not the actual rate. Should say it on the statement.
    We don't automate the exchange rate, cause the banks fees are usually present
  4. Sales fitzplant October 10, 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.
  5. Peter Connor October 10, 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
  6. Peter Connor October 10, 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
  7. Sales fitzplant October 10, 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 ;)
  8. Peter Connor October 10, 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
  9. Sales fitzplant October 10, 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
  10. Peter Connor October 10, 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 :(
  11. Peter Connor October 10, 2015
    Hi Sonya,
    £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.
  12. Sales fitzplant October 10, 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
    https://uploads.intercomcdn.com/i/o/2245027/f1e90db510fabf7bca973835/Screenshot%25202015-09-24%252014.58.22.png
  13. Peter Connor October 10, 2015
    Thanks for the clarification Sonya - apologies I misunderstood initially. We'll review this and get back to you.
  14. Sales fitzplant October 10, 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
  15. Peter Connor October 10, 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.
  16. Sales fitzplant October 10, 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
  17. Peter Connor October 10, 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
  18. Sales fitzplant October 10, 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

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