Purchase Invoice in Euros
sianadams
Registered Posts: 4 New contributor 🐸
Hi,
I'm hoping someone can help me. A client of mine has started to buy goods from Germany and has paid in Euros. I therefore have a purchase invoice in euros. I use Sage Accounts 2012 and cannot enter this invoice in euros so, can I enter the amount paid in GBP? There was no vat charged on this transaction.
Any advice would be appreciated!
Sian
I'm hoping someone can help me. A client of mine has started to buy goods from Germany and has paid in Euros. I therefore have a purchase invoice in euros. I use Sage Accounts 2012 and cannot enter this invoice in euros so, can I enter the amount paid in GBP? There was no vat charged on this transaction.
Any advice would be appreciated!
Sian
0
Comments
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Hi Sian
Personally I would enter the amount that was paid in GBP, I'm not yet an MIP but dealt with purchases and sales within Europe in a previous employment and this was considered Ok by the company accountants.
I dont see how else it could be done.
Jane0 -
You need to go to xe.com and historic prices and find the exchange rate at your invoice date, there will be a difference in invoice and amount paid, but this is what you forex loss or gain nominal is for on sage, you will need to raise a dummy credit note or a dummy invoice depending which way the loss or gain goes, this is how we do0
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Various policies on this one. But you get to the same result if you map throught the debits and credits.
Simply put, the nature of the transaction is you have acquired a good or service at a value in a foreign currency. The Cost to the business is the amount paid in the local currency GBP.
We enter all our invoices currently at a rate of 1.2 € to the pound, then alter any differences as Wbauk has mentioned. alternatively enter the value of the invoice at the amount shown on the bank statement once paid.
Either way the cost/value of the invoice is the amount paid, the same for any other invoice.0 -
Thank you ever so much for taking the time to help me out.
Very much appreciated.0
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