Forum Discussion

Linesman's avatar
Linesman
Experienced User
1 year ago
Solved

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 ...
  • Isaiah_C's avatar
    Isaiah_C
    1 year 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

fairdinkumbookk's avatar
fairdinkumbookk
Member
1 year 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
1 year 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

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home