Questions & AnswersExchange Rates and Bank Reconciliation
Louise Miller Staff asked 5 years ago

Exchange Rates and Bank Reconciliation

Hello, could you help me with this question please? When I create a Sterling bill item, it asks for the exchange rate. When I input it (as well as the sterling rate) the resulting calculation is lower than the amount I paid. E.g. I paid 1200 GBP at a rate of .839756 but after review it says total paid from bank €1,007.71

It should be dividing the 1200 by that rate – right?

I always have this problem inputting foreign exchange so I tend to fiddle around with the rate till what I get matches the amount coming out of the account. Clearly sterling 1200 at .83 rate will be a higher amount than 1200.