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Accounting for bank charges deducted at source by a customer when making an international paymen ...

Linesman

t for an invoice.

I invoice a UK customer $100 (for example) They have bank charges of $20 for the transaction so they deduct $20 and pay me $80. My accounts now show and overdue amount of $20. I am happy to pay this but how do I get rid of the overdue notice on my accounts? Someone suggested I set up a "spend money" transaction for the $20 which sort of makes sense but having done that I still have the overdue amounts showing. It seems like there must be some way of allocating the spend money to the overdue invoice amounts but it's not clear to me how this should be done? Can someone please help?

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Accepted answers

Isaiah_C

Hi @fairdinkumbookk,

I see that you've been handling merchant fees by adding a negative line to the invoice, but this is affecting your GST reconciliation.

Here's the link that can assist you with this issue: Merchant fees

Regards,

Sai

All comments

fairdinkumbookk

Hi Genreve,

I have a similar issue, it's a merchant fee that should be taken up as expense not discounted. I have been adding a line to the original invoice and entering a negative amount to merchant fee expense code - fixes that problem but causes issue with GST Reconciliations both Collected and Paid are out by those amounts

Regards

Eileen Byrnes

Genreve_S

Hi @Linesman,

Writing off part of a payment is quite common. You can create a payment and directly discount a portion of it. Check out this link to learn how to apply discounts to payments.

Regards,
Genreve