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Currency Exchange Business

  • Associate
  • Practice Licence
  • 16 posts
  • # 115012

Hello all, I have a client for whom I complete the bookwork within Xero. They have 2 parts to their business they offer a program which processes card payments for companies who require online card payment services. This part is a standard invoice the customer and they pay for the service received. The second part is currency exchange - the client has been doing his own invoicing and for currency transactions is posting a sales invoice to his customer, then raising a bill to buy the currency from the foreign exchange company. To pay the funds due back to the customer he raises them a bill also. For each transaction he receives money into an account specifically for currency exchange and only transfers the profits into his buisness account which is used on a day to day basis for the running of the business, seperate to the currency accounts. The way these transactions are recorded currently includes the whole amount of money received from the customer as part of the turnover - from my discussions with ICB and general thinking only the profit should be included within the turnover as the other funds do not belong to the business and are incidental to the running of the business. Does anyone have any experience of dealing with a foreign exchange client that could share there wisdom?



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