I'm receiving payments from overseas customers for their invoices, and the $ amount I receive in my account does not match the invoiced amount. It's my bank charging for receiving the overseas funds, however annoyingly they are not charging me as a bank fee, but debiting it from the amount the customer is paying.
How can I mark the invoice as paid, when the amount received does not exactly match the invoice, and correctly have the outstanding amount allocated to a bank fee expense?
regardless of how they title the hold back, it is a fee
do a credit memo for the fee using a bank fee expense account, apply to the invoice, and receive payment
Thanks - I think a credit note is the same as an adjustment note here in Aus?
Are the fields to match the customer attached to the original invoice? Do I create a service item to put on the note (with the bank fees expense account as the , and should it be a + amount or - amount?
Sorry, first timer fumbling my way through!
Thanks for the quick response, nicky1.
I agree with @Rustler. Also, a credit memo/note in QuickBooks Online for United States is just equivalent to the adjustment note in QuickBooks Online for Australia.
To be more familiar with applying an adjustment note in QBO, you can check out this article: Apply a adjustment note, credit or refund to a customer.
Reach back to me if you have further questions about adjusting invoice. I'm always ready to help you out. Have a great weekend.
Thanks - I did read that article first, but the questions i had were more specifically about step 2 on that instruction list - Fill out all required fields (including the customer name, date, products/service items, quantities and amounts)
1. I assume the customer is the same customer that I'm applying the credit to?
2. The product/service - not sure what to do here, do i create a service item called bank fees? (and have it's income account allocated to the bank fees expense account?
3. is the amount in the positive or negative?
Hi there, @nicky1.
Thank you for following the recommendation given by my colleague. I can share some more insights about adjusting an invoice.
That's it. Add a comment below if you have other questions. I'd be happy to provide additional help. Have a good one!