Problems reconciling foreign currencies

AlexandraMoore

Hi Eva, Is there anything we can help with at all?

Eva

AlexandraMoore No, I eventually figured out how to do it and deleted my post. But it was extremely tedious. When I mark a foreign currency invoice as paid, the estimated GBP amount is not the same as what’s in my bank. When I then reconcile it on the bank side, the invoice was suddenly marked as unpaid again. It took me a while to figure out that I then had to go back to the client payments and link the payment to the invoice again.

AlexandraMoore

Hi Eva,

Thanks for getting back to us.

Any non-sterling payments will be adjusted during bank reconciliation, to match the GBP equivalent on your bank statement. During this process, any client payments already allocated to invoices will be automatically unallocated due to the change in value.

You could try adding the payments to your account but wait to link them to the invoices until you’ve reconciled your bank, then allocate the payments to your invoices after to avoid this process.

Thanks for your comments, it’s always really useful to get feedback from our members. We’ll take this on board as we continue to develop & improve our software.

jonsmart

Help! I’m struggling with this.
I have a EUR invoice. It was paid in Euros and automatically converted to GBP by the bank.
When I reconcile the payment, Crunch software does not ask me if I want to update the GBP amount.
It has reconciled it and left the EUR invoice with the full amount unallocated.
What do I do now?
Confusing.

Luke_Young

jonsmart Hi Jon,

On this occasion, it sounds like you need to reallocate the payment to the invoice.

Go to Sales > Dashboard, and you’ll see the unallocated payment
Select ‘Allocate’ and in Section 2 simply enter the full amount against the invoice
Save client payment.

This should then be sorted 🙂

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