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Currency convert. GBP to EUR to INR

Senthil (Working) (65 Points)

22 March 2023

One of our client paid in GBP but we raised the invoice in EUR pls help how to convert in INR

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CA Rakesh Ishi (Working at Private Company) (8637 Points)
Replied 24 March 2023

When a client pays in a currency that is different from the currency in which you raised the invoice, you will need to convert the payment amount into the currency of your choice, which in this case is INR.

Determine the exchange rate: Check the current exchange rate for GBP to INR. You can find this information on a number of financial websites or through your bank.
Calculate the payment amount in EUR: If you know the amount that was paid in GBP, you'll need to convert it to EUR using the current GBP/EUR exchange rate.
Convert the payment amount from EUR to INR: Once you have the payment amount in EUR, you can convert it to INR using the current EUR/INR exchange rate.

Once you have calculated the payment amount in INR, you can record it in your books as a payment received from the client.