I am new at QuickFile, and I believe I have not a standard case here. Just want to verify if I am doing everything correctly.
I am develoepr - freelancer, and do some job on freelancer’s websites like freelancer.co.uk, that is where I receive a payments through in EUR. Also Freelancer.co.uk charges for some commissions, so I receive actually less than invoice.
So here what I have done in my QF Accounts.
I have setup CustomerA as Customer, and raised an Invoice.
I have setup Freelancer.co.uk as a Bank Account with currency EUR.
I have setup Freelancer.co.uk as Supplier to write down the the fees.
I have setup 2 Bank Accounts for PayPal one EUR and GBP.
- I issue an Invoice for CustomerA.
- Create an transaction for FREELANCER bank account in EUR.
- Tag transaction against CustomerA Invoice.
- Create an Purchase for Freelancer account, where I pay the fee as Sales Commission.
- Create a Payment against Sales Commission Purchase from Freelancer Bank Account.
- Create an transfer transaction from Freelancer Bank Account to PayPal EUR account.
- Create a Transfer Transaction from PayPal EUR To PayPal GBP.
Does it look correct for you ?
By the way I have setup FREELANCER as Current Bank Account and now can not changed into Merchant, will this make any sense in future ?