On Tue, 24 Jan 2023 at 01:50, Murugan Muruganandam < m.muruganan...@hotmail.com> wrote:
> have you tried looking at the Payable ageing report > > > Saludos Cordiales > > > Murugan > No, I had not, and that seems to have what I wanted. I'm just a bit puzzled that some of the figures don't make sense. If I look at Accounts Payable, which is in GBP, the data seems correct - I owe RS £210.41. Accounts Payable for USD and HKD are both zero, but the report indicates monies are owed. But when I click on the vendors, it shows nothing owed. When I click on the bills, it shows these are paid. These seem to have a pre-payment on these couple of transactions. I assume I have done something wrong with these transactions, It's a lot more complicated dealing with payments in another currency. I assume this means there's a good chance reports I generate will be wrong. One of the amounts (USD amount) is very small, but the one in HKD is not so small. BTW, I was in the pub a couple of weeks ago, and somehow got chatting to a chartered accountant. I was telling him about issues when invoicing people in USD or Euros (my native currency is GBP). He said that I should not be billing people in anything other than GBP. I asked him whether he thought I was breaking the law in invoicing in USD and Euros, and he said that* in his opinion, it is against the law for me to invoice customers in anything other than GBP*. My accountant has never had a problem with this, but it obviously caused me to research it more. Our government website clearly states we can invoice in any currency. The only requirement is that if VAT is payable, then that amount needs to be in GBP. But it would be quite rare to invoice someone in USD if they are in the UK. I'm pretty sure this guy in the pub was wrong, despite him saying he was a chartered accountant. From our own government website. https://www.gov.uk/guidance/foreign-currency-transactions-vat-and-tour-operators *You can invoice in any currency for the goods and services that you supply. If UK VAT is due on the transaction your invoices must also show the following in sterling:* - *the total net value of goods and services at each VAT rate* - *the amount of VAT, if any, at each rate* *You do not need to show sterling figures for each line on the invoice.*
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