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Hi there
I work for a relatively new (small) business whereby one of its products is selling "mobile unlocking codes" via a website (electronic services) - it receives payments from all over the world in the customer's currency via PayPal. All currencies are converted into Sterling at the end of each month (as not possible to exchange every day).
We have set up a new Business customer from Ireland (with a VAT number - so no VAT - code T22 on Sage) with an account. He has purchased Credits (bit like pay-as-you go mobiles) and will use them up as and when.
He has paid via PayPal in Euros and would like me to send him an invoice.
My question is:
Do I raise the invoice in Euros on the date the sale was received via PayPal (eg; 9 Feb) and then when the currencies on PayPal have been converted to sterling at the end of the month, use this currency exchange rate - i.e. the Euros were received on the 9 Feb, so invoice raised on 9 Feb - the euros were then converted to sterling on the 29 Feb, so I use the currency rate on this date and then invoice can be inputted onto Sage.
Does this sound correct?
I may not have explained myself properly, so please feel free to ask away if I havent....
Thanks in anticipation.
Karen
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