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Is it possible to pay dollars out from a sterling bank account

Question asked by Richard Cooper 6 years ago

I have a supplier who invoices in dollars. Because of how they work we maintain a small pay-as-you-go style balance with them, making periodic payments which never correspond exactly to any one single bill.

Say I have a £65 sterling payment to them on my bank statement. Is there any way convince ClearBooks to treat that as $100 received by the supplier and available to assign to bills?

3 Replies

This could get messy.

I think you'd be better off creating a new USD bank a/c especially for this particular client (just let your accountant know what you've done come year-end so it can be accounted for properly).

Hi Richard,

When you head into the dollar invoice, it should give you a total in the invoice of both a dollars and sterling amount, provided your home currency is in sterling. You should be able to click on the allocate button to the top right, which takes you to a page where you need to select the pound sterling option in the drop down list as illustrated in this screenshot: http://prntscr.com/5f9x3v and then click on the add payment link.

This will allow you to add payment of the £65 amount to the invoice. This will then pay the bill using the sterling amount.

If you wish to pay using a dollar amount, then you will need to pay using a USD account.

Please let me know if you need any further assistance.

All the best,

Shaz

This could get messy.

I think you'd be better off creating a new USD bank a/c especially for this particular client (just let your accountant know what you've done come year-end so it can be accounted for properly).

^^^

Just to add, you would then analyse the £65 payment as an inter-account transfer between GBP and USD. You'd then pay the USD bills from the USD a/c as and when required.

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