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Accounting sterling sale and bank currency exchange rate

  • 25-05-2020 4:49pm
    #1
    Adam198
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi, I'm soletrader based in Ireland. Selling on Amazon.uk in sterling, receiving payment from Amazon.uk in sterling and incoming payment (every two weeks) is converted by bank exchange rate to EUR but I can not use back exchange rate in accounting, right?

    What exactly currency exchange rate should / can I use in accounting this sale / expenses? Exchange rate from Revenue website published monthly?

    (Home -> Customs traders and agents -> Importing and exporting -> Exchange rated 2020)

    Regards, Adam

    Ps. I'm open for paid support


Comments

  • #2
    DoMyBooks
    Registered Users, Registered Users 2 Posts: 355 ✭✭DoMyBooks


    The rate the GBP lands in your EUR account will ultimately be the rate used in your accounts. If you use the revenue rate or an xe.com rate you will have an FX difference which will bring it back to the rate you're getting from your bank anyway.


  • #3
    y0ssar1an22
    Registered Users, Registered Users 2 Posts: 17,750 ✭✭✭✭y0ssar1an22


    you can use any platform that records FX rates. When you issue the invoice you should use the FX rate at that date.

    You then get paid 2 weeks later. The euro amount lands in your bank account. This will more than likely result in an FX gain/loss (difference in FX when invoice issued vs FX when payment is made).

    The FX gain/loss gets transferred to the PL, to allow you to reconcile your debtors correctly.

    feel free to PM if you wish.


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