Sales ledger account currencies

[wanttoknow]

Hello

We are based in UK but we invoice not only in GBP but also EURO and US$. Unfortunately, we have to work with two systems. One is where we record all our sales ledger and the other one is our accountancy software. For month end accounts we have to make journals from one system to the other. One of our accountants used to entry the revenues in euro for instance and then the total to hit the sales ledger control account was coverted in GBP (base rate). But then another accountant came in and started to do euro /euro. So, revenues in euro and sales ledger control account totals in euro. As we then continue to do as in second case I am just wondering if that is correct. I am just concern because he has left as well and our new accountant hasn't have that much experience with our systems.

Any help is very much appreciated

Thanks!

 

[Fidget]

The first accountant you mention was doing it correctly by the looks of it. The presentation currency is going to be GBP - ie the currency in which your accounts are presented. The functional currencies being invoiced in are Euro and $USD. So amounts invoiced/received need translated into GPB, otherwise you'll have a rather odd set of accounts on your hands!