When I receive wires the wire cost is deducted from the amount. This means the invoiced amount never matches the paid amount. How do I record wire fees properly?

thecustomcloud · ‎October 11, 2019

Example
I invoice my customer for $1000.
He pays me via wire and I receive $950. I never see the wire fee but I know that is why it is $50 short. How would I record this missing $50 to mark the balance as paid and also make sure I record it as a cost of doing business for taxes?

Anonymous · ‎October 12, 2019

How about Bank service charges as Expense?

Consider exploring a 3rd party service to accept payment for multi-currency transaction.

https://veem.grsm.io/fl

Just my 2 cents.

Rajanikanth · ‎October 13, 2019

Hi, the custom cloud

Move to the relevant invoice and edit the invoice to include a new item called Bank fees

Add new> Name - Bank fees > checkmark I sell this product/service to my customers.> Income account - dropdown menu select Bank charges > Save and Close.

Now include this item with the negative amount of -50 and Save the invoice.

This will increase the bank charges and reduce the amount owed by the customer.

Comment back for further clarifications / to discuss.

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When I receive wires the wire cost is deducted from the amount. This means the invoiced amount never matches the paid amount. How do I record wire fees properly?

When I receive wires the wire cost is deducted from the amount. This means the invoiced amount never matches the paid amount. How do I record wire fees properly?

When I receive wires the wire cost is deducted from the amount. This means the invoiced amount never matches the paid amount. How do I record wire fees properly?

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