Help with foreign invoices
Mike or Penny Novack
stepbystepfarm at mtdata.com
Wed Dec 3 09:44:41 EST 2014
>
>The problem comes when I try and marked the invoice as paid. My clients
>accept the invoices in $ but pays straight to my UK account in £. It should
>be easy to do in GnuCash, but it just doesn't work.
>
>
>
I can see fascinating complications with this (complications that make
"work" hard to define)
To take just one potential problem, what is your arrangement about
equality of payment? Is that to be the exchange rate at the time they
make the payment, the time it arrived in your bank account, the time at
which you are marking the invoice paid, etc. Of course in your case that
these are potential problems might not be so obvious with the rate
between $ and £ comparatively stable. But the general case of your
problem could involve currencies with rates changing daily.
You might need a work around. If you have an agreement with those paying
the invoices to accept their amount (as being equal, irrespective of the
actual exchange rate at that instant) maybe try a pseudo bank account
(in dollars) where you mark the invoice paid to that followed by a
transfer to the real account in pounds split to a currency gains and
losses account to make things balance (I think gnucash could tell you
what that out of balance was according to the instant exchange rate).
Maybe just an aside, but most of the discussions we have been having
here involving multiple currencies within the same set of books have
ignored the potential complications of what is being agreed/assumed
about exchange rates. In other words, what is the POLICY as to how and
when valuations occur (and what are the requirements of various
jurisdictions in this regard).
Michael
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