How do I reconcile foreign currency transactions?
ExpensePlus can support expenses made in a foreign currency if this option is turned on in the System Settings screen.
ExpensePlus receives 'live feeds' for 18 currencies.
When you select a currency in the Purchases screen, the system will allocate a converted value to the transaction with a 5% tolerance.
Matching foreign currency transactions
With regular payments, the bank statement amount will exactly match the payment amount.
However, when matching payments made in a foreign currency, it's likely the bank statement and the purchase amounts don't match exactly:
- either the currency conversion may be a few percent above or below the purchase value, exchange rates fluctuate and banks may apply conversion charges OR
- the purchase amount was not converted and so the amount stated is in the foreign currency.
This isn't a problem. In the bank matching screen, you can click on the bank transaction and click on the payment (even though they don't exactly match).
ExpensePlus will match the two together, but they won't turn green.
Instead, a tick will appear to the right of the purchase, and you can click this.
When you do this match, the payment amount will automatically get updated to match the bank statement amount.
You will then get this pop-up. Click confirm:
Note: you can't do this where the payment is made up of multiple budget lines. If this is the case, you will need to click on the payment transaction and manually edit the amounts assigned to make the total amount match the bank statement amount, before you will be able to match it.
To better understand the Bank Reconciliation module, please view the module overview video here.