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Invoicing in a foreign currency If you're using an online accounting system, it's easy to invoice customers in a different currency. You just pick your currency as you set up each customer and the system will then automatically translate your invoice into pounds sterling for inclusion in your year-end accounts.
Invoicing in a Foreign Currency. If you trade with companies in other countries, you can process foreign currency transactions. You can easily record invoices, credit notes, payments, and receipts in different currencies.
Commodities are generally traded in a foreign currency, and it is often the case that a sale or supply agreement stipulates the consideration for the supply in a foreign currency. Section 20(1) of the VAT Act places an obligation on the supplier to issue a tax invoice in respect of each taxable supply which it makes.
However when you bill a foreign company from your Indian company, you should raise the invoice in US Dollars because that's what your client is paying — however your books of accounts will show the corresponding Indian Rupee amount only. In this scenario, you should not raise an invoice in non-INR currencies.
Go to Sales, click Sales Invoices and click the required invoice then Record Payment. Check or enter the following information: Amount Received* Enter the total amount paid in the foreign currency. Click Save.
Invoicing in a foreign currency If you're using an online accounting system, it's easy to invoice customers in a different currency. You just pick your currency as you set up each customer and the system will then automatically translate your invoice into pounds sterling for inclusion in your year-end accounts.
Record the Value of the Transaction. Calculate the Value in Dollars. Post the Payment. Record Change in Value.
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