Forum Discussion

Linesman's avatar
Linesman
Experienced User
13 days ago

Accounting for bank charges deducted at source by a customer when making an international payment 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 ...
Genreve_S's avatar
Genreve_S
MYOB Moderator
12 days ago

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

fairdinkumbookk's avatar
fairdinkumbookk
6 days ago

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

  • Isaiah_C's avatar
    Isaiah_C
    MYOB Moderator
    5 days ago

    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

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