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FreeAgent issues mulitcurrency

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    FreeAgent issues mulitcurrency

    I have my FreeAgent linked to my company's Wise Euro account and myCo's Wise GBP account as well as Cater Allen GBP. Especially When I move money around from my Wise EUR to GBP account FreeAgent starts to makeup transactions that didn't happen, I have the feeling it has something to do with the fee for currency conversion. Accountant fixes it every time, but just wondering if anybody else is seeing this and if they know what causes it and if anything can be done about it? (apart form disconnecting and going manual)

    #2
    No. The fee should appear as a separate transaction, which you can then identify as a bank fee. Once that is done, you should be able to choose one side of the transaction and identify it as a transfer to another account. Once you've identified the account, it should all correlate for approval. The automated correlation is pretty good, in my experience, but it's more likely to go wrong if the transfer takes a while and you have many similar transfers within the same period. Most likely, you're doing something wrong, but I'm not sure what. Is it attempting to make the correlation even before you touch anything or only after you've touched it? I think it has some AI, so perhaps it gets better with experience (learns from your corrections).

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      #3
      Originally posted by jamesbrown View Post
      No. The fee should appear as a separate transaction, which you can then identify as a bank fee. Once that is done, you should be able to choose one side of the transaction and identify it as a transfer to another account. Once you've identified the account, it should all correlate for approval. The automated correlation is pretty good, in my experience, but it's more likely to go wrong if the transfer takes a while and you have many similar transfers within the same period. Most likely, you're doing something wrong, but I'm not sure what. Is it attempting to make the correlation even before you touch anything or only after you've touched it? I think it has some AI, so perhaps it gets better with experience (learns from your corrections).
      I can't do anything wrong as I'm not touching it, it does it all by itself. FreeAgent just adds transactions and by doing so messes up everything including the amount that I can take as dividends. For example it added a £15k transaction from my Wise Euro account to my Cater Allen account. I have never ever did a transaction direct from Wise EUR to Cater Allen

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        #4
        Originally posted by Eirikur View Post

        I can't do anything wrong as I'm not touching it, it does it all by itself. FreeAgent just adds transactions and by doing so messes up everything including the amount that I can take as dividends. For example it added a £15k transaction from my Wise Euro account to my Cater Allen account. I have never ever did a transaction direct from Wise EUR to Cater Allen
        I see. So, if I understand you correctly, it sees a transfer out from your Wise EUR account and it then fails to correlate this with the corresponding transaction into your Wise GBP account and instead adds a phantom transaction to your CA business primary account. In that case, probably the best you can do is to manually delete the transaction from your CA account and then select the transaction in your Wise EUR account and manually flag the transaction as money out to your Wise GBP account, which should then correlate. As I say, I think it gets better at these correlations over time, that is my impression, so it is probably using an AI of some kind.

        Perhaps Maslins has a better idea - he's a regular poster and knows FA better than most.

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          #5
          OP might be best advised to speak to FreeAgent about it, or at least engage with other users on FA'S web forum or social media. Other users might be experiencing similar issues.
          Public Service Posting by the BBC - Bloggs Bulls**t Corp.
          Officially CUK certified - Thick as f**k.

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            #6
            I'd suggest liaising with either your accountant or FreeAgent's support re this, critically someone who has access to your FreeAgent data. I could speculate about a few possible causes, but I'd just be guessing. If your accountant can fix it quickly each time, they presumably know what's going on, so can hopefully either tell you how to fix it yourself each time, or ideally stop the error happening in the first place.

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              #7
              It normally takes less than three seconds to correct a transaction if FreeAgent guesses incorrectly.

              I use this exact setup: connected to multiple currency Wise accounts. It all works fine, once you tell it that these transactions are just transfers to another account.

              Comment


                #8
                Originally posted by SuperLooper View Post
                It normally takes less than three seconds to correct a transaction if FreeAgent guesses incorrectly.

                I use this exact setup: connected to multiple currency Wise accounts. It all works fine, once you tell it that these transactions are just transfers to another account.
                For me too, but not for the OP, apparently.

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                  #9
                  Very timely, need to move some AUD into GBP on Wise. Will let you know my FreeAgent experience.
                  https://uk.linkedin.com/in/andyhallett

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