Online Accounting for Small Business, London

Sell internationally? Online accounting for small business must record invoices, receipts, and bank entries in the customer’s currency while keeping books in the home currency. Accurate capture avoids hidden gains or losses and keeps cash and revenue aligned.

Setup and Currencies

Define base currency, add active currencies, and set reliable exchange rate sources. Map price lists, item catalogs, and tax codes per market. Activate multi-currency bank accounts and specify default currencies for customers, vendors, and gateways.

Daily Processing

Raise invoices in the customer currency, post at the spot rate on the invoice date, and match collections to the original entry. When payment dates differ, recognize realized gains or losses on settlement. For deposits, use clearing accounts to match payouts from processors.

Period-End Revaluation

For open invoices, payables, and foreign-currency cash, revalue to the closing rate at month end. Post unrealized gains or losses to the income statement with offsetting balance sheet adjustments. Lock prior periods, keep rate tables auditable, and export reports for tax and audit. Online accounting for small business should automate journals, support audit trails, and produce aging, cash flow, and profit reports by currency.

Next Steps

List the currencies you use, gather recent bank statements, and choos