Receiving funds to overseas bank account

[stellap1]

Hello,

I am a translator and I receive payment in many different currencies.
I have an overseas bank account (Non-EU), to which I receive funds in the local currency to save fees.
How should I report this in my books? Should I convert to GBP according to the conversion rate on the date of receipt?

Thanks you,
Stella

 

[James MIller]

Hi
I would convert your invoices ion the day you issue then and the payment on the date you receive it. You will then have a currency gain or loss. I would use a website such as x-rates.com as you can lookup historical rates shod anybody ever question why you have use that rate.

Rgs

James

 

[stellap1]

Thank you!
So there's no issue with receiving payments to an account outside the UK?

Best,
Stella

 

[James MIller]

Hi Stella

I have had bank accounts which have been based in other countries and they have never caused me an issue.

Kind regards
James