Hi all,
I have invoice in USD with GBP calculations as well
Total Net Amount: $49.00 / £36.09
Total VAT Amount: $9.80 / £7.22
Invoice Total: $58.80 / £43.30
I paid with PAYPAL 46.81 (after conversion)
How to log such invoice?
Hello @awariat
You would just enter it as any other invoice.
With regards to the exchange rate
QuickFile pulls in a day rate from xe.com, so it’ll take the rate on the date of the invoice.
You can enter their own though if you prefer.
You would then tag it to the PayPal payment on your merchant account
More instructions here
https://support.quickfile.co.uk/t/invoicing-in-foreign-currencies/8901
If those conversions are what the supplier themselves said on your invoice then that’s how you should record it in your accounts - you have been charged £7.22 in UK VAT so you can’t claim back more than that amount on your VAT return.
So I would just record the purchase as GBP using the GBP values that they’ve given you. I’d then mark it as paid in full (£43.30) from the PayPal account and then add an extra money out transaction for £3.51 and tag it as “something not on the list” to currency charges to account for the difference. The PayPal balance would be correct but it’d show two transactions instead of one.
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