Multi Currency: Should I use "Is it pad auomatically" on recurring bills billed in USD and paid in EUR?
I’m looking to make the most of your recurring bills feature.
Here’s the scenario:
- There’s a recurring bill for a set USD amount
- It’s paid automatically by my standard AIB credit card (so billed in EUR)
Do you suggest still using your “Is it paid automatically?” feature to mark it being paid by that credit card?
The complication is that the official currency exchange rate and the actual exchange rate used to bill the company are different. The bill will be recorded with an inaccurate EUR amount paid by the credit card.
Thanks for the 6 months of hard work on multi-currency. It’s working out very nicely.
Ugh, sorry about the typos in the subject line. I was of course referring to “Is it paid automatically?” on the screen to create a recurring bill.
Eoin – just to add to Pete’s answer below – you can only mark as recurring bill as being paid automatically is you select a bank account in the same currency as the recurring bill. In your case, the system won’t let you record a recurring USD bill paid automatically from a EUR account, since we can’t know the exchange rate on the days money actually leaves your EUR bank account.
Hi John, thanks for the follow-up. That makes sense.