WHEN WE RECEIVE A CUSTOMER PAYMENT IN A FOREIGN CURRENCY HOW DO WE APPLY THE BANK CHARGES

CHRIS COOK
CHRIS COOK Member Posts: 1
edited April 2019 in Reckon One
WITH FOREIGN CURRENCY PAYMENTS FROM CUSTOMERS WE HAVE CHOSEN TO PAY THE BANK CHARGES.  THESE CHARGES ARE TAKEN OFF THE DEPOSIT BY THE BANK.  HOW DO YOU APPLY THE FULL AMOUNT TO THE CUSTOMERS INVOICE AND ALSO BOOK THE BANK CHARGES IN THE ONE TRANSACTION?

Comments

  • Qwerty
    Qwerty Member Posts: 283
    edited March 2017
    Hi Chris,

    I'm just thinking out load on this one & welcome anyone else to provide alternative feedback to what I have suggested.

    My reply assumes that you are using the Reckon One application as per the category/product range chosen for this question. I'm going to ignore any exchange rates in my example & keep it simple by assuming a 1 to 1 exchange rate.

    1. You enter an invoice into Reckon One for a foreign customer & the invoice total is $300.00
    2. The foreign customer pays this invoice & you receive their payment minus the bank charges (e.g. $20.00 worth of bank charges). So basically after the bank charges have been deducted you have received $280.00 as income.
    3. In Reckon One, enter a receipt transaction for this customer which fully pays the $300.00 amount against the invoice & include a $20.00 expense (entered as a negative amount using an expense account) which results in a receipt total of $280.00 & pays off the entire invoice.

    I have included a picture below illustrating step 3 (Note: you need to use a negative amount for the expense account seeing that the receipt is a sales form)

    image

    Cheers.
  • Ashbolt Accounts
    Ashbolt Accounts Member Posts: 1
    edited March 2017
    I have this exact same issue, but I'm using Reckon Hosted and I can't enter an expense line (or do anything related to an expense ledger) in an invoice or sales receipt. Any ideas for that?
  • Kate Brown
    Kate Brown Member Posts: 1
    edited May 2017
    I'm having this problem too, but I belive Im using reckon, not reckonOne. I dont have any facility to add an expense line. Can someone please help as I have about 10 of these & really just need to clean up a bit.
  • Jim Baker
    Jim Baker Member Posts: 2
    edited March 2017

    For either hosted or any other Reckon software -

    setup Bank charges as a new item  and then enter this as the last line on invoice or sales receipt - enter Bank Charges as a minus amount and it will work - simple

  • Lee
    Lee Member Posts: 67
    edited May 2017
    Hi Jim, just to clarify, are you suggesting to go back into an existing invoice, edit it by adding a bank charges line with the -20 amount. then go into Receive Payments and allocate the payment against the newly revised invoice?