Author invoices currency/historic exchange rates


#1

I am considering selling some items on the marketplace. I have read the documentation on how invoices are sent/received for buyers and authors. From what I can see I will be able to view an invoice in USD for each purchase of my items. I don’t yet have a seller account so hard to see what the options are.

As I am based in the UK and all my other invoicing is recorded in GBP I will need to record any sales from Envato in GBP.

Therefore how is anyone using a currency other than the default USD recording sales in their currency?

Is there an option so I can change the invoiced currency to GBP? If not then are you doing a calculation of the USD to GBP for each invoice at the exchange rate of your withdrawal?

Or are you just recording the Envato withdrawal in your invoicing - but then you don’t know how much each individual transaction was for in your currency? - which I don’t think would be useful.

Also I record all my invoices in Freshbooks - this requires an email address as a minimum for a client to be setup - do invoices include the email address so I can add them as a client?


#2

The marketplace operates exclusively in USD, no matter the author origin. There is no option to change to a different currency, and all payouts occur in USD as well. The conversion to your local currency happens through your payment provider (Paypal, Skrill, etc.), AFTER Envato paid out the money to you.


#3

HMRC have a page that shows you historical currency conversion rates, with which you can calculate your earnings in a different currency. I forget the page, was last year when I had to use it. Should be pretty easy to find though.


#4

@Tekanewa / @SpaceStockFootage I understand that the payout will be in USD, and the conversion rate will be calculated by my chosen payment provider on withdrawal (on a side note what are the options?)

Therefore if my total sales for the month is $1000 and I withdraw that then it will end up in my bank account today as £813.86 (based off of the XE exchange rate).

For all the sales I received 30 days before the withdrawal date are you saying that I should be calculating what these values are in GBP by using the conversion rate applied on the day of my withdrawal (or using the average on the HMRC website)?

Can anyone answer my email query in the original post.


#5

Yes, that’s how it basically works. Your payment provider will receive your payout in USD. Depending upon the payment provider, the amount will either be held in USD until you withdraw it into your checking account, at which time it will be converted to match your local currency, or it will be converted into your local currency the moment the payment provider receives it from Envato. It really depends upon what payment provider you are using.