I am planning on selling products with USD-prices.
However, I am from Germany (where we pay in EUR) and my local finance authority told me that it is crucial to convert the USD prices into EUR for EVERY invoice/income with the foreign exchange rate of the respective day.
So in theory, my invoices will be created in USD and I would have to calculate the respective EUR value for each and every invoice, which would be a huge pain in the ***..
Is there any possibility to automate that, so that I can see the rates on the invoice in USD as well as in EUR?
Also, because there are commission fees for Shopify/PayPal etc, the actual income/what's left differs from what is written on the invoice.
I don't even know if that is a dumb question or the answer is obvious, since I am not a bookkeeping expert and completely new to Shopify.
How do you guys include the different rates in your bookkeeping (amount on the invoice/amount after the deduction of commissions, respectively what is left in your PayPal account/etc)? Especially the guys who are from a country where USD is not the domestic currency.
It's great you brought up this problem, as I was having the same issue in my store recently. I was told I require a multi-currency app to automatically convert prices. Here's the article I found - a very useful Review of Shopify's best multi-currency apps.
Apart from a currency switcher button, they can also use a geo-locator to automatically display prices in the customer's local currency. Great article to make you understand the system behind it, and also summarizes the multiple currency Shopify apps.
Hope it helps you too!
Hey Tom, I'm facing the exact same situation as I want to have my business in France but I'll be charging my customers in USD. My accountant in France asked me invoices sating the conversion rate of currencies. Would love to hear if you had any updates on this or found any solutions. Cheers! Clement