| Discussion Forum: Thread 166139 |
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| | | Author: | ToriHada  | | Posted: | Feb 22, 2014 16:39 | | Subject: | Currency Conversion Box for Tax Purposes | | Viewed: | 109 times | | Topic: | Suggestions | | Status: | Open | | Vote: | [Yes|No] | |
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| On the Orders Placed page, please give buyers the option of adding a box where
they can input the equivalent amount in their home currency for orders that were
paid for in another currency. AND make this box part of the download file so
that the amounts can be automatically totaled for tax and accounting purposes.
Sorry if this is unclear, but let me give an example:
My shop is run as a business and, as such, I have to file federal and state income
tax returns every year. I purchase a substantial amount of inventory from overseas
sellers to relist in my shop and sell to US and other buyers. Many of these overseas
sellers require payment in Euros or other non-US dollar currencies. When I
send payment via PayPal, PayPal does the currency conversion and deducts the
dollar equivalent from my PayPal balance. I always write in the comments for
the order the amount I paid in US dollars. HOWEVER, when I download my year's
orders in an HTML, Excel or other file, the numbers written in the order comments
are not totaled. Instead, each currency is listed and totaled separatedly, and
there is no grand total in my home currency for the total purchases I made that
year. I would like to have a separate box next to the order grand total where
I can input the equivalent dollar amount I actually paid at then-existing exchange
rates so it can be automatically totaled on these downloads.
Last year, I purchased 39 orders with overseas sellers where I paid in seven
different foreign currencies other than the US dollar (including 30 orders for
a total of 5,390.80 Euros, all made at different times at different currency
exchange rates). When doing my taxes, I have to manually hand write on the printout
next to each such order the equivalent amount I paid in US dollars. It is a tedious
process, requiring me to consult my order details and/or PayPal year-end balance
sheet (which was 125 pages long for me last year).
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| | | | | Author: | Rolf | | Posted: | Feb 22, 2014 19:54 | | Subject: | Re: Currency Conversion Box for Tax Purposes | | Viewed: | 28 times | | Topic: | Suggestions | |
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| In Suggestions, fosterbengoshi writes:
| | On the Orders Placed page, please give buyers the option of adding a box where
they can input the equivalent amount in their home currency for orders that were
paid for in another currency. AND make this box part of the download file so
that the amounts can be automatically totaled for tax and accounting purposes.
Sorry if this is unclear, but let me give an example:
My shop is run as a business and, as such, I have to file federal and state income
tax returns every year. I purchase a substantial amount of inventory from overseas
sellers to relist in my shop and sell to US and other buyers. Many of these overseas
sellers require payment in Euros or other non-US dollar currencies. When I
send payment via PayPal, PayPal does the currency conversion and deducts the
dollar equivalent from my PayPal balance. I always write in the comments for
the order the amount I paid in US dollars. HOWEVER, when I download my year's
orders in an HTML, Excel or other file, the numbers written in the order comments
are not totaled. Instead, each currency is listed and totaled separatedly, and
there is no grand total in my home currency for the total purchases I made that
year. I would like to have a separate box next to the order grand total where
I can input the equivalent dollar amount I actually paid at then-existing exchange
rates so it can be automatically totaled on these downloads.
Last year, I purchased 39 orders with overseas sellers where I paid in seven
different foreign currencies other than the US dollar (including 30 orders for
a total of 5,390.80 Euros, all made at different times at different currency
exchange rates). When doing my taxes, I have to manually hand write on the printout
next to each such order the equivalent amount I paid in US dollars. It is a tedious
process, requiring me to consult my order details and/or PayPal year-end balance
sheet (which was 125 pages long for me last year).
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Please. I can see how complex it can be. It should not be too hard to add this
feature.
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| | | | | | | Author: | MikesBricks | | Posted: | Feb 23, 2014 15:08 | | Subject: | Re: Currency Conversion Box for Tax Purposes | | Viewed: | 34 times | | Topic: | Suggestions | |
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| I work in writing accounting software and it is a bit more involved than that.
When working with international orders you have to keep track of the daily conversion
rates, they change constantly. The number you want is not the number when you
placed the order, rather the number that Paypal used when the payment happened
as that is when the conversion happened.
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| | | | | | | | | Author: | ToriHada | | Posted: | Feb 23, 2014 16:55 | | Subject: | Re: Currency Conversion Box for Tax Purposes | | Viewed: | 33 times | | Topic: | Suggestions | |
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| In Suggestions, MikesBricks writes:
| | I work in writing accounting software and it is a bit more involved than that.
When working with international orders you have to keep track of the daily conversion
rates, they change constantly. The number you want is not the number when you
placed the order, rather the number that Paypal used when the payment happened
as that is when the conversion happened.
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Exactly. I just want a box where I can enter the US dollar amount when I pay
via PayPal. I do NOT care about the exchange rate or US dollar amount when I
place the order. Only when I pay.
Thor
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USA, North Carolina
