Hi folks. question! Is there an an option for Loss/Gain on Foreign Exchange rates in BulletHQ? i.e. we have a US client that when they pay us it always appears less as the bank has reduced exchanged rates. we recently billed for €600 but received only €592.50 and had to write off the remaining money as paid (even though it wasn’t)

Hi Cormac,
So when you mark an invoice as paid if the bank account is a different currency of the invoice, the exchange rate field is displayed, here you enter the exchange rate you got from the bank (in your statement the day the money was lodged).
If you're charging people in different currency the invoice should be in a different currency not EURO.
Hope that helps.

Pete

Ok,
So the first thing to do in the future is send a US invoice. We're a full multi currency accounting product, not just an invoice tool. Setting the invoice as $ is more than just a symbol change. The invoice.
By sending an Euro invoice say of €600 from a Euro bank account means Bullet is expecting (as it should) the full Euro amount of €600.
That's not what's happening, you're getting paid in USD, but Bullet doesn't know that. It just sees a €7.50 less hitting your account and as it should tells you something is wrong :)
FX transactions comprise of the following.
The Invoice original amount say USD
The amount that hits your EURO bank account
The FX gain or loss (€7.50)
The FX gain or loss tax implications (plus 7.50 is classed as revenue = so taxable)
The bank fee for the FX exchange (a bill in Bullet)
The rate of FX the BANK (not you) decides on the day of transaction
What to do now.
Create a bill for the fx bank fee
Create a credit note for the 7.50 and just write it off for now.
In future send USD invoices, you can just use xe.com to do a guestimate of what €600 in USD is Bullet will handle the adjustment when it hits your bank account.
Does that make sense?
Again the issue is your invoicing in EURO and getting paid in EURO but losing out cause it's actually missing the USD bit.
Pete