Hi All,
I meticulously upload and record all transactions, but have just had a thought, my transactions are all recorded in as sales in GBP, however some invoices are in USD. The conversion itself is done by the bank/paypal.
I just wanted to check what is the best protocol? Does it matter as long as the transactions are traceable?
Regards
Donna
You can post USD or any foreign currency invoices to a GBP invoice in your accounting system, providing you have some backing info (which you would if it originated from PayPal). The key thing is having a record of the exchange rate, which PayPal would certainly be able to supply if required.
I don’t see a problem with what you suggested here.
Hi Glenn, thank you for your response.
I do not have that information. I use Upwork for freelancers/Sub-contractors thus I am billed in USD intially but Upwork convert this to GBP themselves before deducting it from my account. Their invoices only state the USD amount (without any conversion information)
Regards
Donna
That shouldn’t be a problem as you can infer the exchange rate from the USD amount on their invoice vs the amount received in GBP. I don’t know how Upwork breakdown their invoices but presumably there’s an element that goes to the sub-contractor and a fee payable to Upwork?
If that were the case you can post as GBP and maybe have 2 lines to cover the sub-contractor and fee parts.
I’m just coming back to this now as I have been uploading the multiple invoices/receipts generated by Upwork to my transactions.
There are indeed separate payments for fee’s and the contractors however, upwork only take a single payment and as the costs are all in USD the fee amount isn’t a separate payment so I cannot add it as a different line, due to not knowing the exchange rate.
Do I need to manually go through these and calculate the fee in GBP from the total fee charged?
Regards
Donna
If you were to separate them into two different lines, then yes you would need to know the value of each - whether you work this out by manually converting them into GBP or otherwise.
For purchases, PayPal will give you an exchange rate at the time of the purchase normally, but I believe, for sales and purchases they will show it in your account shortly afterwards too. This is an example of a purchase through PayPal:
This should hopefully help you, at least in part, to work out the cost. Although this can be time consuming if you have many transactions.
It will probably be easier to upload or add the invoices in USD going forward. Of course, we’re happy to help with this feature if you’re unsure on how to use it. Please let us know.
Hope that helps!
Once again, thank you for your response.
Unfortunately, not all of the transactions were completed through paypal. Some are direct payments from my company visa card.
As the Upwork fee’s are a %, i’ll go through and calculate the fee’s from the total amounts and just make sure I do this in the future.
Also, I see you mention uploading in USD? Could you provide a bit more information regarding this? Or provide a link as I’d be happy to look at this as an option if it can reduce the amount of work required to process these invoices.
Regards
Donna
No problem. Hopefully you’ll get that all sorted! 
With the USD invoices, firstly you will need to enable multi-currency on your account, this can be done in the Account Settings >> All Settings >> Multi-currency settings:
Enable USD for your account, and that’s it - it’ll be enabled for sales and purchase invoices.
Then, when it comes to creating an invoice, you can change the currency on the right hand side:
Or if you wish to upload a CSV file, you can include a currency and exchange rate column as part of the details. There’s more information on uploading invoices, here.
There’s quite a bit to invoicing in multi-currency, but QuickFile will handle most of it for you. There’s a run down on it in our guide, including how to pay a foreign currency invoice from a GBP bank account.
I hope this helps, but please don’t hesitate to get in touch if you have more questions
Thank You, I’ll give it a look. I’d rather get it all in check now, before adding too many invoices.
