Help! Brain teaser!
Name: Sean
Registered Posts: 18 New contributor 🐸
Hi,
Can anyone help?
I have a client who uses Sage Instant Accounts which can only deal with currency GBP.
All invoicing on Sage is done in GBP but half the clients are usually manually invoiced on a standard Word doc. in USD and then they pay in USD into a Paypal account.
Paypal holds all money in USD until it is transferred into the clients main business bank account in GBP at whatever the current exchange rate is on the day the transfer is requested and the transfer will include payments from a number of different clients.
What would the double entry be to clear the invoice on Sage in GBP when the invoice is paid in USD? Bearing in mind I need to reconcile the main business account and the Paypal account also. I also need to account for Paypal fees and exchange rate diffs!
Thanks in advance.
Sean.
Can anyone help?
I have a client who uses Sage Instant Accounts which can only deal with currency GBP.
All invoicing on Sage is done in GBP but half the clients are usually manually invoiced on a standard Word doc. in USD and then they pay in USD into a Paypal account.
Paypal holds all money in USD until it is transferred into the clients main business bank account in GBP at whatever the current exchange rate is on the day the transfer is requested and the transfer will include payments from a number of different clients.
What would the double entry be to clear the invoice on Sage in GBP when the invoice is paid in USD? Bearing in mind I need to reconcile the main business account and the Paypal account also. I also need to account for Paypal fees and exchange rate diffs!
Thanks in advance.
Sean.
0
Comments
-
Dr Business Bank A/c
Dr Expenses Bank Charges
Cr Sales Control A/c
I'm not a sage user however and as sage overcomplicates everything this may not help much?
Regards
T0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 324 NEW! Qualifications 2022
- 160 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 94 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 274 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 201 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership