Help! Brain teaser!

Name: Sean
Name: Sean Registered Posts: 18 New contributor 🐸

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.



  • Tiger
    Tiger Registered Posts: 63 Regular contributor ⭐
    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?

Privacy Policy