Using recurring invoices, I send out my regular monthly invoices on the 1st of every month. About 10 days later, I receive a bulk transfer from GC for all the NETT values of all the invoices. QF automatically assigns each payment to their respective invoices. Form my GC payouts page I note the GROSS amount and the FEES charged for this transfer. I manually add these 2 entries into my GC merchant account with QF and, hey presto, it all balances. Life is good!
The above works fine of all my UK customers. Unfortunately, I have one customer in the ROI. He needs to receive his invoice in EUROS. So I duly send a EURO based invoice. Now, GC cannot handle EURO currency invoices (something to do with SWIFT) and convert to GBP for automatically adding to my QF GC account. I have to claim the monies separately via a GC Subscription and GC transfers the NETT value to me in GBP. The GROSS and FEES remain in EURO. I tag the NETT GBP received to my ROI customer. I cannot tag it to my recurring invoice so I end up with unpaid EURO based invoices and duplicate entries once I have tagged the monies received by subscription.
This has messed up my last 2 quarters of my QF GC merchant account and VAT returns
How do I deal with recurring GBP invoices and received subscriptions?
I think I have sorted the problem. GC do not report the ROI customers’ EURO subscription payments into my GC (GBP) merchant account, the currency being EURO and not GBP. The GBP payments appear automatically as usual.
I setup a new GC EURO control account as you said.
From my GC Payouts list [GC (Subscription) Payouts.png], I manually add these customers subscription payments (Gross, Nett and Fee) into my GC EURO control account [GC EURO control acc.png].
I then tag:
Fees to supplier (GC) as bank charges.
Nett bank transfered to my C/A, stating the “amount received in GBP” [Bank CA.png].
Gross attached to my customers invoice.
