dual currency in accounts

Doing some bookkeeping for a co based here but alot of dealings in uk. Have an Irish and UK bank account. Accounts package ( big red book) only allows one currency. What is best way to deal with this as conversion rate keeps changing. Do I just use revenue rate for year. Also vat has been charged on some invoices, I know you are suppossed to provide vat rate etc but this didn't always happen, any way to reclaim this vat

with a singular currency system one way is to ignore the sterling difference and treat all sterling transactions as if they were Euro and let accountant sort it out at year end. there are other accounting software systems such as sage 50 professional which can handle multi currency transactions. . It is not clear whether you are talking about UK vat on purchase invoices or Irish vat on sales invoices and whether the vat periods in question have already been completed and returned to Revenue

Vat is on uk purchases invoices. mainly small items bought in stores where they did not understand about not charging vat. vat return has not yet been submitted.

It is much easier now to reclaim your UK Vat I remember a time when you had to go through Uk and had to wait for over six months to get a refund give a call to your local Vat office or you can do it through ROS. You will have to scan your receipts on to site. I have only a single accountancy package so I use the currancy rate at the time of the transaction and the accountant does an end of year adjustment on it.

uk vat

vat charged on purchases in UK cannot be claimed on Irish Vat return. You may be able to claim the vat back from UK authorities - I did this about 20 years ago but cant remember exact process.

Times have changed Union you can now do it through ROS I did it last week also got a VAT back through this system already.

union said:

with a singular currency system one way is to ignore the sterling difference and treat all sterling transactions as if they were Euro and let accountant sort it out at year end.

Click to expand...

And watch the accountant's fees grow...

All a dual system does is translate the foreign currency amount into the base currency. If your accounts system doesn't do this then do it manually.