Accounting Ideas

Remove the GBP equivalent and exchange rate from currency invoices

We need our EUR and USD invoices to NOT show the GBP equivalent or exchange rate as several of our clients have used the GBP equivalent to get a slightly better rate. This doesn't sound so bad in theory, however in practice this means that they then pay GBP into our EUR/USD accounts and the bank takes a huge chunk in exchange rate differences. Many of our €1k invoices turn into €900 payments after the exchange rate differences and bank charges hit so we lose 10% of our income on these clients. We've written it in the notes section but it doesn't get seen or is ignored. Our clients believe that they are paying correctly and get upset when we chase the shortfalls so we are also in danger of losing them while some refuse to pay the shortfall point blank. Only the banks benefit!

  • Guest
  • Dec 9 2021
  • One For The Future
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  • Guest commented
    10 May 02:28pm

    This confuses customers since they are paying with their own currencies. Equivalent amount does not matter to them especially I have foreign currencies account. The equivalent amount should be for internal used purpose if not what's the purpose of foreign currency invoice?!

  • Guest commented
    6 Apr 06:49pm

    It would be nice to have the option to hide this as it only adds confusion for our customers.

  • Guest commented
    16 Feb 03:39pm

    Hi - if we could have the option to retain this feature if we need it we would be very grateful as we value the ability to show the GBP equiv rate on invoices.