If you have clients in countries using another currency you might need to trade in multi-currency.
Firstly, as a Spain based company our accounts should be in euros. For that reason we will need to convert all the transactions in foreign currency before we can include them in Quipu.
Our accounting software does not currently allow to produce an invoice in a different currency.
A way around it would be to include in the note the equivalent value converted to your client’s preferred currency.
Something like this:
However, if you use a different software to produce invoice in other currency ( our use an invoice template in excel format) you will need to input the amount in euros into Quipu later.
In order to exchange the value of an invoice to other currency use our online currency converter.
Matching the payment with the invoice.
When the invoice is paid into our bank account, assuming it is an euro account, we will likely see a different amount in euros that the total of our invoice. This is because the exchange rate changes from the date in which we issued the invoice and the date in which it was actually paid.
If you are trading as autonomo you do not be concerned by this difference, form the accounting point of view at least. Autonomos do not need to show registry for the bank accounts and the matching of the invoices with the actual payment is not very important. You will simply mark as paid the invoice even if the amount received varied slightly with the total of the invoice.
However, if you are trading as a SL company a more detailed accounting is required. In this case it needs to be accounted for the difference in the exchange.
For that do the following:
1. Add a payment to the invoice for the amount actually received in the bank.
2. Then click on mark as paid. Quipu will add other payment with the difference , positive or negative, to complete to the total.
3. Add a tag such as “difference in exchange” to allow us spot it easily and perform final accounting corrections.