How to handle the odd transaction in USD, despite only having a GBP bank account

[Buddha Buck]

If this is a one-off thing, I would consider treating it as a normal
transaction in GBP, with a sticky-note on my computer screen reminding me
to adjust the transaction once I know what the actual exchange rate it. The
only real open question is what is the price in GBP, which you can only
estimate until you see what hte bank did.

If this were a many-off thing, I would consider opening an account in USD
and periodically handle exchanging the USD for GBP when it is
convenient/necessary, but not for each sale in USD.


On Sat, Mar 11, 2017 at 11:24 AM Dr. David Kirkby (Kirkby Microwave Ltd) <
drkirkby at kirkbymicrowave.co.uk> wrote:

> My company sells products in GBP, but a particular customer wants to pay in
> USD, so I quoted him a price in USD which he is going to pay into the
> company bank account. The bank account is GBP, so the bank (RBS) will
> convert the USD to GBP, at some interest rate, and with some fees.
>
> How should this be recorded?
>
> Dave
>
> Dr. David Kirkby Ph.D CEng MIET
> Kirkby Microwave Ltd
> Registered office: Stokes Hall Lodge, Burnham Rd, Althorne, Essex, CM3 6DT,
> UK.
> Registered in England and Wales, company number 08914892.
> http://www.kirkbymicrowave.co.uk/
> Tel: 07910 441670 / +44 7910 441670 <+44%207910%20441670> (0900 to 2100
> GMT only please)
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