When you have income and expenses in multiple currencies, these transactions need to be accounted for.
- Invoicing in foreign currency
- Getting paid in foreign currency
- Recording foreign purchases
- Connecting foreign accounts
How we’re planning to approach these
1 - For invoicing in foreign currency, we can add the ability to choose your invoice currency from a list of currencies. We’ll also need to provide the ability to add foreign account details to your invoice (although you can also use the footer for these).
2 - To receive payments in foreign currencies, check out International Payments & IBANs
3 - For recording purchases in foreign currencies, any payments you make on your Coconut card are automatically converted to £ at the point of purchase. So these are covered.
4 - We don’t currently support connecting foreign accounts to Coconut - part of doing this means handling the conversion back to £ to include in your reports. To do this we will need to convert each transactions back to £ based on the exchange rate on the transaction date.
Do you have foreign income or expenses?
How do you handle these right now?
Do you have foreign accounts that you use?