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

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)



Cheers.

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.

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?