Are sales with automated currency conversion legal to report?

Accounting
1

Hey everyone,

I’m preparing my filings now to find out how much corp. tax do I have to pay exactly. I have ran 3 eCommerce businesses in the past tax year, and I used PayPal as one of my payment processors.

PayPal is synced with my QF account, therefore, every single transaction is being presented in the merchant account inside QF.

None of my sales were paid using the GBP currency.

According to my invoices, QF automatically converts my sales from USD and EUR to GBP.

My question is that because none of my sales were happening in GBP and all of my sales have been converted, is it legal to report these numbers?

Thanks,

Mark

2

Of course it’s legal. For the simple fact that UK accountancy reporting is done in GBP not in Euro or dollars.

3

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