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In bank reconciliation, why does the app only adjust the GBP amount of a foreign currency transaction?

When you record a client payment in a foreign currency, we will estimate the GBP amount using the exchange rate for that day, as set by the European Central Bank.

This may differ from the exchange rate used by your bank, resulting in a difference between the GBP amount on your bank statement and the one we show.

When in Bank Reconciliation, we will ask if you want to adjust the GBP amount to match that on your bank statement. The foreign currency amount will not change.

For example, if you issue a $1000 invoice and receive a $1000 payment, we might think that $1000 payment is equivalent to £900 whereas your bank might consider it to be £910. When you come to reconcile and adjust the amount, the invoice and payment will still be $1000, but the pound sterling equivalent will now be £910.

If you wish to change the foreign currency amount you can change this in the 'Client payments section' of the 'Sales tab'.

Last Updated: 02 Jul 2015 10:17AM BST
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