Purchase Invoice spot exchange rates

Hi @lubos ,
I would like to suggest a spot rate system when processing supplier invoices. in Zambia the tax regulation is that the ROE to be used is dictated by the supplier and NOT the RECIPIENT which means in one day i can process multiple invoices with varying ROE’s

i would suggest that as one is capturing a supplier invoice , a ROE box be included (the same way we enter discounts) if no change is made then the system rate should be used

Are you required to report foreign currency taxes separately or are you required to report your entire tax in local currency?

Also, please provide relevant regulatory documents for such tax treatment.

Hi

In Zambia VAT registered tax payers we use a machine called an EFD (Electronic Fiscal Device) its like a POS machine basically, it updates Rates based on Bank of Zambia rates however these may vary based on time of invoicing. So invoicing is dependent on the ROE in the machine

see below example of ROE for today which will vary

So this is basically a manual override of standard exchange rate at individual transaction level.

I think your use case is enough to make this an idea.

Yes. Its exchange rate on individual invoices as opposed to using the monthly weekly or daily rate.