Drummond provides bookkeeping and management reporting for business using foreign currency bank accounts including PayPal.
We can support as many different currencies as you would like and we can account for trades using sterling exchange rates as well as trades between foreign currencies themselves.
All accounting operations revert back to GBP, the base currency for your accounts, and exchange rate differences are recorded in your Profit and Loss statement. Your non sterling bank accounts are re-valued monthly as part of the month end routine.
Drummond can issue your sales invoices in the currency of your choice for your overseas customers. These sales invoices are entered into your accounts in GBP, your ‘base’ currency, using the most up to date HMRC exchange rates at time of issue to make sure you are VAT compliant.