How do I invoice and receive payment in USD?

Question

I have a new client who resides in the US. I need to invoice them but I am not sure how to go about the invoice and payment in foreign currency.

If I issue in AUD and they organise payment, there are fees and exchange rates which probably mean the payment won't match the invoice? Or should I somehow create an invoice in USD? I don't know whether I can do that in Reckon One?

How can I account for any discrepancies? (I am not a trained accountant).

Thanks for any help or advice.

Rav · Accepted Answer

Hi @Dave Dennis

Unfortunately I'm not an accountant either so hopefully the wider Community can provide some insight o suggestions here. What I can confirm however is that unfortunately Reckon One does not support multi-currency at this stage so invoices cannot be created in other currencies.