Hi. I’m a complete newbie. Loving the s/w. I’m based in the UK frequently invoicing a US Client in $. They wire the money back to my UK bank. Naturally due to currency conversion and bank charges I always receive less than the actual amount invoiced. So for example I may end up say, £50 short with my invoice marked ‘partial’ - although as far as the Client is concerned they have paid in full.
What is the correct way to account for the missing £50 in the accounts?
Will that automatically reset my invoices to ‘paid’.
Apologies for the ‘dumb’ newbie question - any help would be appreciated.
Thx
You can post it to the nominal account “Bank charges”. This can be found by clicking “Something else not on this list” when tagging a bank transaction.
I assume you would need to tag the same transaction to your customers invoice and bank charges… not sure how to split the bank transaction between these 2. @Glenn or @Parker1090 - any ideas?
Thank you Glenn and ryansb for a speedy reply. Yes, the original inv is in QF and it is in US $. However when I enter the amount received in $ or in £ then it is marked ‘partial’ and I’m left with an amount representing the bank charges which is hanging in the air. My question is what do I do with this amount and will it then be reflected as ‘paid’ on the invoice’. Thx for your patience.
Enter it as paid as Glenn shows above. What I would then do is create a second invoice for the bank changes, tagged to a supplier record for the bank. Just mark it as paid as per normal. It will create a money out transaction too, but that should balance it
