LL123
Joined: 12/8/2022
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Invoice and payment in different months & Foreign currency exchange
I did some work for a customer in March 2022 and I invoiced the customer in March 2022. The invoice is in USD. The customer paid the invoice in USD on 10th April 2022. Do I account this payment in 2021/2022 tax year or 2022/2023 tax year? Also, should I use the March 2022 HMRC monthly exchange rate (UDS to Pound) or the April 2022 HMRC monthly exchange rate (USD to Pound) for this transaction? Please could you advice.