I’m having trouble invoicing clients in different a different currency and receiving payment via PayPal. My current account and QuickFile account use UK Pounds as default currency. I have a client which is based in another country that uses US dollars as currency and they only pay via PayPal. I have raised an invoice to them for $70.03 and received the £40.72 payment as funds in my PayPal merchant account which I have since transferred to my current account. I can’t seem to mark this payment to the bank account as payment for the invoice as the amounts don’t add up due to currency conversion and PayPal fees. I’ve had a read through some of the related KB articles but cannot figure out how to do this properly. How do I go about marking the invoice as paid and receiving the funds into my current account via PayPal?
There is no support in QuickFile for managing multiple currencies in a single bank account, so all entries would need to be normalised to GBP. There are a few posts on this already, so I would recommend using the search tool on our forum.
In the case you have described I would suggest manually paying the invoice and this will allow you to specify an exact GBP and USD amount. You can take the GBP amount is the exact amount PayPal are remitting to you, less their charges.
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