- Original Poster
- #1
Hi
I am trying to work out how to deal with payments from foreign currency invoices.
We occasionally need to invoice clients in US Dollars. I have set the exchange rate (current as of invoice date) in Sage ok.
When we receive payment, this rate will have changed, so
Assuming we invoice 16000USD ( exch rate set to 1.6 USD/GBP), Sage converts this to show invoice value of £10000.
Sometime later, we receive payment at exchange rate of 1.62 USD/GBP, giving a sterling receipt of £9876, and then a charge by our bank of £8 for the transaction, giving a net receipt of £9868. This will show a difference of £32 in the customer account.
How do I account for the loss due to exch rate change, and the bank
charge?
Thanks
Phil
I am trying to work out how to deal with payments from foreign currency invoices.
We occasionally need to invoice clients in US Dollars. I have set the exchange rate (current as of invoice date) in Sage ok.
When we receive payment, this rate will have changed, so
Assuming we invoice 16000USD ( exch rate set to 1.6 USD/GBP), Sage converts this to show invoice value of £10000.
Sometime later, we receive payment at exchange rate of 1.62 USD/GBP, giving a sterling receipt of £9876, and then a charge by our bank of £8 for the transaction, giving a net receipt of £9868. This will show a difference of £32 in the customer account.
How do I account for the loss due to exch rate change, and the bank
charge?
Thanks
Phil
