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Foreign currency accountancy help for contractors quoting for overseas work

Posted Feb 11, 2010

An online accounting software provider for contractors has added a new module to help produce estimates and invoices in overseas currencies.

Contractors who are based in the UK, but producing estimates for work in foreign currencies will be used to making a loss or gain on the original quote depending on the whims of the foreign exchange markets.

Responding to this, FreeAgent Central has added a new tool to its online software which automatically calculates the daily gains and losses (realised and unrealised) on invoices from the date of invoice to the date payment is received. It also calculates the tax implications and the company says that future upgrades will allow users to re-bill expenses and estimate items to foreign currency invoices.

A real time data-feed of mid-market currency exchange rates allows FreeAgent to calculate the daily exchange rate fluctuations of 100 different currencies, including the Euro as well as the US, Canadian and Australian Dollars.

MD of the company, Ed Molyneux, told us: "Many of our customers are based overseas and a growing number trade globally. It is in response to their demand that we have created this new service. I believe many freelancers and small businesses are missing out on a global market because of currency barriers. Hopefully this will make things easier and help businesses to enter new markets around the world."

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