How to issue a Foreign Currency Sales?
Last updated: 2021-11-09
Post view count: 843
To issue a Foreign Currency Sales in InvoiceOcean, you should, as in the case of a regular invoice, go to Income/Invoice tab and click on the New Invoice button to open the new form of the invoice.
In the case of the Foreign Currency Sales, it is important to set the currency of the main invoice and the currency on which invoice It is to be converted. It is important to specify where the program should get the currency conversion rate from.
These options are to be found on the invoice form under the invoice positions. After clicking See more options, you can select the currency into which the invoice is to be converted (the amount will be converted automatically according to the current ECB rate).
Thanks to this you can, for example, issue an invoice in PLN and have a VAT calculated in USD.
Instructions on how to select the bank from which you want to take the converted currency are available here.
In the system you have at your disposal following banks:
- European Central Bank,
- National Bank of Poland,
- Central Bank of Russia,
- National Bank of Ukraine,
- National Bank of Georgia,
- National Czech Bank.
Also important in a Foreign Currency invoice is the client’s identification number, which usually has a different name in each country.
Using InvoiceOcean settings, you can define the necessary ID numbers so that they are appropriate for your country.
Instructions for defining new ID numbers can be found here.
An important element of the foreign currency invoice is also defining the tax rate to be issued to the document. The specific rate can be set on the generated document by expanding the VAT column, selecting the More… option and entering your own rate.
You can also set selected tax rates permanently (they will be prompted by the system when issuing each document), going to Settings> Account settings> Configuration> Dictionaries> Available Tax rates.
If the chosen payment method is bank transfer, you have to provide IBAN and SWIFT in your bank details.
Changes can be made under Settings> Company / department by editing the company.
A foreign currency invoice issued in the system may look as follows:
Detailed information about the exchange rate, which can be seen on the exemplary invoice, will appear when the main currency of the whole account is EUR, more information here.
What does it mean then to be able to select the document type Foreign Currency Sales in the Invoices/Income tab?
Selecting this option will filter out from the system all invoices issued in a currency other than the main currency of the account, in this case the account currency is EUR.