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  • Recording Foreign Tax and Exchange rates

    Hi, I’m a Sole Trader and sold some work in the US. They have paid me via PayPal in USD. However, it’s such a minute amount that I’m not able to withdraw it yet to my personal business account so it's just sitting in my Paypal account. When do I record this? When I actually received it into Paypal or when I eventually transfer it to my actual bank account? 

And, what exchange rate do I use - HMRC's monthly exchange rates using the month of when I received the money into PayPal? Or the exchange rate when I eventually withdraw it? Thanks