What do I do if one of my bank accounts is in a different currency?

Whilst most charities only have bank accounts in the currency in which they create accounts, it's possible for charities to have bank accounts in other currencies as well.

To create accounts in the currency where your charity is regulated and registered (typically GBP), you will need to ensure that all bank transactions are uploaded in that currency to ExpensePlus.

Where a charity has a bank account in a different currency (e.g. EUR) this will require:

1. Transactions for that bank account to be converted into the accounting currency (e.g. GBP) prior to uploading being uploaded to ExpensePlus.
2. Adding a correcting transaction at the end of each month to account for any small currency variations during the month.

This article explains how to do both of these things.

Uploading bank transactions in GBP for an account in a different currency

Before you can upload transactions into ExpensePlus for your foreign currency bank account, you’ll first need to ensure the transactions have been converted into GBP within the statement you are trying to upload. This will ensure your financial reports and year-end accounts are created in GBP.

Dealing with currency fluctuations

As there are fluctuations in currency exchange rates, it's likely there will be small variations between your bank account balance in ExpensePlus and your account balance converted into GBP on your bank statement. To correct for this, we'd recommend that at the end of each month, for each of your foreign currency accounts, you manually upload a correcting transaction to account for the variations.

This will ensure that your financial reports and year-end accounts are correct.

To help you better understand the Bank reconciliation module, please visit the module overview page here.