Fees on Invoices
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JUSHE
Member Posts: 22 ✭
We have been paid for a bunch of Invoices but less the fees the financial provider charged, how do I apply the amounts paid and not end up with money still owing on the invoices
Thanks in advance
Thanks in advance
0
Comments
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Hi Jushe
When in paybills, tick the bill you want to pay, then tab to column with amount change the amount to the amount you want to pay against the bill i.e the amount less the finance charge.
Work your way down the list of invoices doing the same until the amount down the bottom matches the amount you paid the supplier, then enter as normal, date, bank etc.
you can either change the invoice amount to match your payment (less the finance charge) or you can raise a credit note, and apply it against the short paid invoices.0 -
Thanks for your reply.
As the Fees are from the outsourced financial provider ie: not the same person who we Invoiced, how will this effect raising a credit note?0 -
Sorry, ,my bad, i read as if you paid the bill....
You are using a factoring service or similar I presume?
Firstly apply the payment received as usual in receive payments, if you know the fee on each inv. paid then override the inv. amount leaving the fee owing.
If the fee is on the overall batch then pay off all the invoices leaving the last one short paid the fee amount.
With factoring the debt I raised a credit note for the fees, created an item code called fee (or whatever you want) and had this item code go to a 'factoring fee' expense account.
once the credit note was raised I applied it to the short paid invoices.1 -
Thanks again I will try this. I had thought a journal maybe necessary.?0
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