Foreign invoice paid with debit card

[corvinn]

The company has paid an invoice in EUR.

Case 1: the payment was done with a debit card connected to a GBP account, two days after the payment the bank has debited the amount from the account including their exchange rate markup.

Case 2: the payment was done with a debit card connected to a EUR account, two days after the payment the bank debited the exact amount in EUR from the account.

Case 3: cash payment was done in EUR by an employee and the same amount in EUR will have to be returned to the empolyee.

Case 4: cash payment was done in EUR by an employee and it will have to be returned in GBP to the employee.

How shall these transaction be entered into QuickFile?

What are the invoice and payment days?

Is there any difference if the cash payments were done by the director or any other employee?

[QFMathew]

@corvinn

Case 1: the payment was done with a debit card connected to a GBP account, two days after the payment the bank has debited the amount from the account including their exchange rate markup.

You would log the payment from the invoice side, using the Log Payment button, and enter the exchange rate when prompted.

@corvinn

Case 2: the payment was done with a debit card connected to a EUR account, two days after the payment the bank debited the exact amount in EUR from the account.

You would log the payment from the invoice to the EUR bank account.

@corvinn

Case 3: cash payment was done in EUR by an employee and the same amount in EUR will have to be returned to the empolyee.

What is the relationship of the employee to the business? For example, are they also a shareholder or director, or just employee?

@corvinn

What are the invoice and payment days?

Your bank transactions should reflect the date they are shown as on your bank statement. With cash, it would be the date the transaction is made.

[corvinn]

I am interested in how to do the administration for both types of employees, director and employee.

[QFMathew]

With a director, where they paid out of their own pocket on behalf of a company, tag it as paid from the Director’s Loan Account (DLA). This will then show that money is owed to them by the company. This is regardless of whether or not it was cash or card or any other method, but the date should be accurate.

With an employee, there’s a slightly different way of recording these. You may find these topics helpful:

Employees Expenses

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Paying Employee Expenses with Multiple Receipts with One payment

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