im hoping someone can help me
I receive an invoice in euros. I pay in euros from paypal with the funds transferring from the bank account. the payment goes out of the bank in £’s and out of paypal in euros
how do I tie these all up together
sorry if its a simple answer. ive taken on the accounts for a charity and ive not worked in accounts for a long time
The answer depends on other information, principally whether you are using multiple currencies and have the supplier and a PayPal bank account set up in Euros. If you do, the process is more involved, so I’ll spare you the details for now.
If you’re just operating in GBPs, things are straightforward, especially if you are going to pay the invoice immediately. In that case, you don’t need a purchase invoice, just a payment transaction. And the easiest thing to do is wait until you have the converted payment information from the bank and enter everything in GBP. You can leave PayPal out of the process. If this is not your situation, let us know.
thank you very much. single currency and your answer helps me a great deal.