We are a Canadian multi currency company (CND & US). Using quickbooks desktop.
We have customers that pay via credit card, when payment is received by our bank the amount is lower than what I have invoiced the customer.
Can I kindly get some direction on how to enter the payment in quickbooks.
Hello again grace-g,
It's great to have you with us again. Let's take a look at this multicurrency situation you have going on.
When it comes to multicurrency, there are a few things to consider, such as whether the lower rate is due to currency conversion. If that's the case, you can edit the amount of the transaction entered in QuickBooks to match what you're seeing in the bank, then record the payment..While QuickBooks Desktop does pull from current currency rates, sometimes there are these kinds of differences.
The easiest way to find and reopen a transaction is to go to the Customer Centre through the Customer menu, single click the customer name, and then double-click the transaction to reopen it.
If you'd like a hand with this process or what I've described doesn't fit your situation, please get in touch with support so an agent can take a look at this with you. Check out the following article to learn how to get in touch: Intuit QuickBooks Desktop software support policies
For your reference, here's an article about multicurrency and QuickBooks Desktop: Set up and use Multicurrency
Take care and see you next time. :)
Great to have you help me again.
To clarify my question, for example:
I have a US customer that has an invoice for $500. They have paid using AMEX. When I get our bank statement/AMEX statement it shows payment is now $480. due to processing fees.
How do I now receive this payment/apply to invoice now that there is $20 less received as payment when we invoiced/received $500 from the customer.
I'm happy to help! I see what's happened now and once again appreciate the clarification.
In this case, what you'll need to do is record the customer payment in full, then record the fee received for the transaction as an expense. What the payment processor seems to have done is pull what's owed to them from the deposit from your customer payment in a single transaction. In QuickBooks Desktop, this can't be done in one step and it instead needs to be two transactions.
So go ahead and record the customer payment to the invoice for the full amount, then set up your payment processor as a vendor if you haven't already. Once set up, create an expense transaction for the amount charge. Feel free to leave a memo of what invoice it's related to if that'll help you keep track of it better. You can even set up a specific expense account for these transactions if you'd like.
Here's an article about QuickBooks Desktop's chart of accounts if you need it.
Let me know if you have more questions about that!
Thank you for your reply, I have been a bit delayed to respond to you. To ensure I am on the right track, I am to enter the credit card company charges - which is AMEX.
1) Enter bill to AMEX
2) Select charge of account item - 549 - Credit Card Commission
3) Save and close
4) Pay bill to AMEX
Kindly advise if this is the correct way to reflect this credit card charge what is owed to AMEX
Not to worry, grace-g. It sounds like you've probably been busy with other work for your business. I've reviewed the steps you've mentioned here and my only recommendation is to make sure you've picked the Expenses tab on the bill setup to make sure that it gets recorded as an expense. You'll still need to go to the Pay Bills screen to make sure it's paid for, but setting it up as an expense allows you to choose an account instead of an item. From what you've described, it sounds like you may have it, but I just want to make sure! As I mentioned previously, what account you pick is up to you, but the steps themselves look good. :)