![]() ![]() When you approve the invoice, it’s bookkept to reflect the expected currency conversion rate on the date that the invoice was raised. ![]() When you anticipate that you’ll be exchanging a foreign currency at a future date, like receiving payment for an invoice, Wave keeps track of the fluctuation in the exchange rates for you. This approximation is called the Unrealized Gain or Loss. You can choose the currency of an invoice by using the currency drop-down menu next to the Total amount on the Invoice. When you use Wave Invoices, Wave will calculate the exchange rate approximation for you automatically. Your base accounting currency is US Dollars (USD), which are worth more than Canadian dollar on this day. ![]() You completed the work by the end of February, and on March 1st, you invoice your client the agreed fee of $10,000 CAD. You agreed to a fixed fee in Canadian dollars (CAD). Let’s say, you signed a contract with Maple Tours, to write a travel guide to the USA for visitors from Canada. This could happen because you suffer a bad debt or because you invoiced in a foreign currency, and the value of that currency relative to your business currency changed between when you created your invoice and when you received payment, or when you got a bill and when you pay it. Wave uses the accrual method of accounting, which means that income and expenses are recognized at the time they are incurred not when money changes hands. Date of the deposit paid if it is different from the date of issue of the invoice.If your business issues invoices or makes purchases in a foreign currency, Wave will automatically keep track of how these values convert to your business currency to keep your bookkeeping accurate.Date of delivery of the goods or performance date of the service.Mention “Reverse charge” (if applicable).Reference to a special scheme (if applicable).In case of exemption, the reference to the legal provision.Total amount to be paid exclusive of VAT.Amount of corresponding VAT by VAT rate.Number of the rectified invoice in the event of the issuance of a corrective invoice.Intra-community VAT number of supplier’s tax representative (if applicable).Intra-community VAT number (for both supplier and customer).Unique identification number (SIREN) (for both supplier and customer).Initially, 24 mandatory items (data or blocks of data) must be sent to the French tax administration. PPF also allows the receipt and processing of e-invoices from foreign suppliers (thanks to its connection to PEPPOL) and provides basic legal archiving of the e-invoices processed via the platform. In addition, e-reporting can be done directly via PPF or via any platform – again this is the choice of the business. ![]() However, the French Government has recently announced that PPF will only have basic core functionality and that this will likely only be used by the very smallest companies in France. The choice of platform to receive the e-invoice from suppliers (vendors) is up to the business, it can be the same as the supplier, a different commercial platform or through the public billing portal. Businesses will no longer send invoices direct to customers, instead the partner platform or public invoicing portal will send the e-invoice to the customer’s platform. Businesses can either send e-invoices via an approved third-party commercial partner platform (known as a partner dematerialisation platform or PDP) or via the public invoicing portal (the “Portail Public de Facturation” or PPF). ![]()
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