Dealing with invoice and fees being in USD

[QFMathew]

Hi @Harvie

@Harvie

Is is ok to create the American based website as the purchaser for invoices and then detail name and address details of actual purchaser in description.

This should be fine. The main thing is that you would have a backing document with further details from the marketplace itself. The same concept could apply to eBay sales for example.

In fact, you could just put a description as “Weekly Sales w/e 26/01/2018” for example, and combine all weekly sales rather than using a new invoice for each sale.

@Harvie

How do I convert the $10 fee into £. Do i just use the rate on QF?

When you tag a transfer from a USD to GBP bank account, QuickFile will prompt you for the equivalent GBP value.

@Harvie

When I exchange $ to £ the PayPal fees are horribly high compared to rate on QF Do I just complete a manual journal to balance QF £ with actual £ in company bank account.

With a sale on PayPal, there are a few things to consider. Firstly, where possible, use their exchange rate rather than the one on QuickFile as this is the one that’s been used for the transaction.

The other thing to consider is the PayPal fee itself. In short, you would have 3 bank entries for every 1 real one. There’s more on this here:

Accounting for income from a payment service provider

Introduction This guide will help you to reconcile payments from the likes of PayPal, GoCardless, Stripe along with any credit card PDQ service provider and more broadly any payment provider that collects income on your behalf and pays you the net amount, minus their fee. It’s a very common scenario in accounting and it’s very useful to know how to account for these types of transactions. The Basics Obviously the key thing here is that the amounts received don’t exactly match your invoices, and…

I hope that helps!