Feature Requests
Share ideas, discuss and vote on requests from other users in community
 

Currency Exchange Offset

Mark Wigston shared this idea 7 months ago
Under Consideration

It's great that the system automates pulling in the currency exchange daily however it would be nice if we could add an offset to this. I find that being in Canada, when funds are converted to USD for US customers after the bill is paid and the currency is converted back to Canadian funds that it consistently falls short of what the Canadian funds should have been. So when the USD conversion is .74818 There could be a field for me to add an offset of .02 to make the conversion then .76818 That would allow me to recover what it should have been in Canadian funds.

Hope that's understood

Comments (1)

photo
5

We use the ECB currency feed for exchange rates: https://www.ecb.europa.eu/stats/eurofxref/eurofxref-daily.xml

Unfortunately simply adding an offset to this value would likely pose further implications as most accounting/tax regimes would require this offset to be accounted for as a separate conversion/exchange rate fee separate from the product price.

Meaning most clients would likely need invoices to state the service price based on the ECB rate, with a separate invoice item for the "offset" conversion fee to avoid issues on the accounting side of things.

How would you see this working in a way which ensures these kind of tax implications are correctly accounted for?