Hello
I have an Amazon USA and Canada account that I need to process sales for. Amazon use their own rate (worst than XE) when making payment from say CAD to GBP. I will never get the better rate of XE and therefore I need to use Amazons rate accordingly across all transactions.
I have the option to use the correct rate when creating creating an invoice, however, I do not have the option to enter the correct rate when I ‘Input New Transaction’ within my ‘Amazon Canada’ merchant account. It automatically uses the XE rate, a rate of which I will never actually receive.
Once I transfer converted GBP amount using Amazon exchange rate from ‘Amazon Canada’ merchant account to my business bank account, the profit/loss reports a ‘Currency Charges’ amount resulting in higher profit, and therefore higher tax than is actually due.
Example of how it should be…
Amazon Canada Sales for 08/03/2019 = $179.85
Amazon Conversion Rate: 1.8008
GBP (actual amount I receive): 99.87
Tax due: 18.97
Example what is actually happening…
Amazon Canada Sales for 08/03/2019 = $179.85
XE Conversions rate: 1.7601
GBP: 102.18
Due to QF using the XE rate instead of Amazon rate (which I’m unable to add), it creates currency charges of £2.31, resulting in GBP profits of £102.18, and tax due of £19.41.
The issue is, I haven’t received £102.18, I received £99.87 and therefore should only pay tax based on this. When I ‘Input New Transaction’ into my ‘Amazon Canada’ merchant account, is it not possible to use the actually rate I received from Amazon which would then avoid this ‘currency changes’, resulting in QF reporting the correct profits and tax due please?
Thank you