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T
Torleif67
December 27, 2020
Question

Record bank transactions

  • December 27, 2020
  • 1 reply
  • 0 views

1. I have added my bank account to Quickbooks. I have 6 different accounts from Transferwise, EUR, USD, GBR, SGD, AUD, NZD. 

 

2. Under my Stripe Payment account I have the same currencies recorded, EUR, USD, GBR, SGD, AUD, NZD. 

So EUR is default account if a currency is used that is not any of the following above here. Like my home currency is PHP since my business are here in the Philippines.

 

3. The question is how I manage this with a customer invoice and the payment. Also how do I record bank charges correctly for this?

a. Make an invoice for the customer.

b. Record a Payment for the invoice.

c. Send a sales receipt to customer.

 

But this guests booked online with us and paid via Stripe. In this case in EUR so it goes to the EUR account with Stripe. Stripe will the deposit this a few days later in to my EUR account with Transferwise.

a. I need to record the Stripe charges somewhere?

 

So I made an invoice for this person. So the currency is different since my home currency are in PHP first of all. I read I should out this invoice under Undeposited Funds account. And then when the funds have been transferred from Stripe to Transferwise I will record it from there. And also add in bank charges or any other charges there might be. This since payments comes in a cluster from Stripe to Transferwise. Is this the correct way of doing this or not?

 

Or should I wait until the money are in my bank account. Then record it as and income under the different income accounts I have. Also record the different charges there are from Stripe for example. The question is only what I should do with the invoice I have made already? Your input would be very appreciated about this.

 

Quickbooks also tells me I can only use one foreign currency at the time! Whats this mean actually? Invoice is in PHP but I do receive EUR so how do I make this correctly with my invoices? Record this transaction in EUR or in PHP?

Been using Wave Accounting for many years. But have transfered from their to Quickbooks a few ago only. So I would need some help or input on how to work these small problems out, thank you for your time.

1 reply

C
Catherine_B
Level 9
December 27, 2020

Hello there, Torleif67.

 

Yes, you can use the steps when recording customer payments by depositing the payment to Undeposited Funds and then create a Bank deposit transaction to add the bank charges. This way, you'll have the option to select the correct currency on the bank deposit page. By then, QuickBooks will automatically convert the amount in your invoice to the selected currency. For more details, you can use this reference for more details: Record and make bank deposits in QuickBooks Online.

 

If you have connected your bank account through online banking, you can use this article that will help you match and categorize bank downloaded transactions to avoid duplicate payments as well. 

 

Please let me know if you have other questions. Take care and have a great day!

T
Torleif67Author
December 27, 2020

Hello Catherine!

 

automatically choose my BDO Bank PHP, local currency. If I change this to Transferwise and EUR the transaction it not there anymore. You said that QuickBooks will automatically convert the amount in your invoice to the selected currency.

 

This is the confusing part for me so far. In Wave this where automatically converted into the local currency, did not matter what currency the invoice was made in. All transaction where in PHP directly, Wave downloaded and updated the currency on a daily basis.

 

So have I done this correctly, please check my invoice I have added here one time.

 

2. Bank Deposit.

When the money have been deposited to the bank I can match them. I have read about this also when you are doing a Bank Deposit. Is there anyway of also including the bank charges here? Example I get paid EUR 150 from my customer. But I only receive EUR 140 from Stripe. How and where will I record the EUR 10 bank charges? 

 

Can I do this when I do the Bank Deposit or should this be done somewhere else? Another things that confusing me right now. Of course I can Reconcile my bank account all the time to fix this. But there must be an easier way of doing this I think.

 

3. Bank Transfers.

Transferwise and BDO bank accounts are all our corporate bank accounts. If I would transfer money away from these account to my private accounts with Transferwise and BDO. How would I do this the simplest way? Transfer the money and use Owner's Equity and record it is my own salary? Or should this be done in a different way? 

 

Just an additional question. 

 

Thank you for your help, appreciate it very much and I hope to hear from you soon again. In the mean time I wills tudy your links you sent me.

 

-Torleif

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