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info224
Level 1

How to reconcile supplier credit in foreign currency?

Hi all,

I have a supplier credit in Euro currency. But the supplier then paid into our Sterling bank account instead of Euro bank account. 

Steps I did are as follows:

1) Create supplier credit in supplier account (in Euro currency)

2) Following the steps in https://quickbooks.intuit.com/learn-support/en-uk/bank-deposits/how-do-i-handle-supplier-credits-and...

a) Select Bank Deposit from +NEW

b) Account - Current account (GBP)

b) currency - changed from GBP to Euro

c) supplier - Supplier in EUR status

d) VAT - ECG

e) when save the page, error occurred 'you cannot track tax on accounts of types Debtors and Creditors'

 

I got stuck here. What should I do next or what is the correct procedures?

Your help is very much appreciate. 

 

Regards,

Sharon

5 REPLIES 5
Ashleigh1
QuickBooks Team

How to reconcile supplier credit in foreign currency?

Hello Info224, 

 

Welcome to the Community page, 

 

 

What you will need to do on the deposit you created is take the VAT off the deposit and only have the showing on the supplier credit it if the vat is needed and then it will save and work for you. 

 

Any Q's let us know. 

info224
Level 1

How to reconcile supplier credit in foreign currency?

Hi Ashleigh1,

Please find attached - same error occurred. 

What should I do the next step?

 

Ashleigh1
QuickBooks Team

How to reconcile supplier credit in foreign currency?

Hello infor224, 

 

Thanks for coming back to us and with the screenshots. 

 

Can you see where it says Amount are on the right-hand side of the deposit it currently says exclusive of tax, can you please change this and set it to NO VAT  once this has been changed you should be able to save it and not get any errors. 

 

 

If you still have issues let us know. 

info224
Level 1

How to reconcile supplier credit in foreign currency?

Hi,

I encountered another issue. 

Now I have correctly saved and managed to do the steps mentioned in the URL in the original post.

Another error occurred (as attached). 

What did I do wrong in this step? The refund is paid in GBP.

Regards,

S

GeorgiaC
QuickBooks Team

How to reconcile supplier credit in foreign currency?

Hi Sharon

 

Thanks for the screenshot - does the exchange rate on the manual bank deposit match the exchange rate on the downloaded bank transaction? If not, can you try editing this to the same value?

 

Thanks

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