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Sterling deposits
Foreign Currency deposits and invoices
The accounting system does not support foreign currency in the accounts receivable module so at present only GBP transactions should be entered on Myfinance.
Option 1
This is valid if the customer would accept a GBP invoice quoting the foreign currency value on the line description. If not look at option 2.
If you need to raise a foreign currency invoice the best option would be to issue a regular GBP invoice on the system and quote the foreign currency value as part of the line description along with the exchange rate used, the source and the VAT number of the company (VAT, if based in Europe and checked against Europa website ).
Option 2
In order to raise an invoice in foreign currency you need to do the conversion and enter the invoice on the system in GBP quoting the currency amount / conversion rate / Date / source. You will then need to use a manual template (attached) to create the foreign currency invoice that will have to be sent to the customer (with EU VAT number stated in the line description, if based in Europe and checked against Europa website); a copy of it needs to be attached to the transaction record in Myfinance (training is available on the website www.ucl.ac.uk/myfinance/help<http://www.ucl.ac.uk/myfinance/help>).
Attachment, please that check all fields are correctly populated and updated when using attached template (which is just an example).
For both options
To do the conversion you can use the HMRC FX rates or XE.com
http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.por...
Europa website check:
http://ec.europa.eu/taxation_customs/vies/vieshome.do?selectedLanguage=EN
Customer forms
https://www.ucl.ac.uk/finance/receiving-money/income/credit-approval-process