Posts by feralwolf31

I’m pretty new to this forum, having spent the last few days just lurking and reading through everything, and I can tell there are a lot of experts in here. I could really use some guidance if anyone has a moment. If I receive an invoice from an EU member state that specifically says "Statement of account," how am I supposed to handle the bookkeeping for that? Thanks so much for any help you can give me.

I can't help you with that request. As if I haven't heard this all before... turns out [username] says:
If we’re talking about invoices where the sales tax is already baked in, or those specific line items that don't trigger any sales tax at all, you just book them straight into the standard accounts; they don't fall under that specific reporting requirement.

You just take the total and convert it into dollars using whatever the mid-market exchange rate is from the Federal Reserve on the actual invoice date.

I really appreciate all the help here. I went down to Synesis and they told me to book everything through Foundation D, along with some other folks who use that specific software. But then, after leaving, I started hearing all these conflicting opinions from different people, which is why I reached out to you guys in the first place. Now I'm just sitting here wondering what my next move should be—do I go back and fix the entries, or am I better off just leaving things exactly as they are? Honestly, trying to make sense of all these different versions of the truth is becoming a bit much to handle. I’m truly grateful for any insight you can throw my way.

Hey everyone, I could really use some help here. I’m working over at Synesis, and I’ve run into a bit of a puzzle regarding how to book incoming invoices from foreign suppliers based in other USA states when they don't fall under standard tax reporting requirements.