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US dollar invoices
I am based in the UK, Is it possible to add a USD invoice and receipt of USD monies within the same account or would I have to have a separate account? Cheers - Jess
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Inappropriate?Jessica,
We don't handle multicurrency invoicing just yet.
You could indeed create a USD invoice (maybe on a free trial Universal account, or outside FreeAgent altogether) but then record the GBP amount at today's exchange rate within FreeAgent itself.
When the time comes to be paid, you could apply a payment in full to the invoice, and then explain the difference as a Currency Fluctuation. Before you look, we don't have such a category yet but if you use 'Sundries' or 'Other Money In' you can update the category later. -
Inappropriate?Looks like this is wanted though.. look at your FAQs.
With ecommerce being global we need more companies like yours to be able to do invoicing in multi currency, for me its USDs and GBP, I think this would take your company to the next level if you were able to provide this. Up for the challenge? :0)
I’m amused but did not really help YET
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Inappropriate?Jessica,
Yes, we're up for the challenge!
Just need to add a couple of hours to each day first ;0>
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Inappropriate?I've also asked for this feature in the past. Having had the opportunity to meet Olly (the lead FA developer) recently I am certain that they are working in this as fast st as they can.
Being a techie myself I can barely imagine how complex this is to implement, and I'll be patiently waiting for it.
In the meantime I send international clients an invoice that is generated outside of FA and once they pay me I create a new invoice in FA with the actual GBP amount. I know that this system is not 100% watertight but I feel it works for the time being, and I don't feel I am avoiding any taxes this way. It's always tricky to account for multiple currencies, but I hope sometime later this year FA will make it easier for all of us.
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Inappropriate?I'm pretty sure there is nothing wrong with generating GBP-equivalent invoices to the USD invoices you send your client, based on the exchange rate of the invoice date, and then explaining any differences as exchange rate gains/losses, in fact I'm sure this is a fairly standard way of doing things, its just not as seamless as it could be.
I do it myself and you're not avoiding any tax; the exchange gain/loss accounts ensure you're paying tax on the appropriate amount of income. -
Inappropriate?yeah that's the thing: I'm not accounting for exchange fluctuations right now. I write the invoice for the amount that hits my bank account once payment for a certain dollar amount is received - I do not check the rate at the time I issue the invoice. I guess I need to start that...
I’m bored of exchange rates
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This reply was removed on 10/14/09.
see the change log -
Inappropriate?+1 please add a possibility to set unit price in USD
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