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ACECORP-UK
ACECORP-UK
September 3, 2023

help with direct debit customer in chf and then somehow make everyhting work in quickbooks online

  • September 3, 2023
  • 1 reply
  • 0 views

I am a new UK Business owned by a US Individual who is just learning how to operate in europe. I have QuickBooks online UK with QBO’s default integrations that use GoCardless and PayPal.

 

On the 14th of every month, I need to Direct Debit my Customer’s Swiss bank account for the following:

 

QTY 3 Units of Product 1 at 26.04 CHF per unit

QTY 3 Units of Product 2 at 82.68 CHF per unit

 

             26.04 CHF x 3 =    78.12 CHF

          + 82.68 CHF x 3 =  248.04 CHF

-----------------------------------------------------

            Total of 326.16 CHF per month via direct debit

 

 

I need to somehow collect the money above by pulling CHF from the customer’s CHF Swiss bank account.

 

The customer provided us with their IBAN, BIC, Account #, and Sort Code when they signed our contract authorizing us to use their bank account info to pull the above listed payment every month.

 

I am not sure what my limitations are with QuickBooks, PayPal, and GoCardless to do this.

 

My default currency in QuickBooks is GPB and there does not appear to be a method to price a product in CHF, and bill in CHF.

 

I have a Bank Account in Euros.

 

I have a Bank Account in GBP.

 

Therefore, I may need to set up the money collection process somewhere else, and then do something to generate an invoice in QuickBooks online for the value of 326.16 CHF in GBP minus any fees or currency conversion charges.

 

I need to know what the “somewhere else” needs to be for the money collection process.

 

I also need to know what the “something” is to generate an invoice in QuickBooks online for the value of 326.16 CHF in GBP minus any fees or currency conversion charges.

 

It sounds like my workflow may need to be something like this.

 

  1. On the 14th of the month, something has to direct debit my customer’s Swiss bank account for 326.16 CHF.

 

  1. As that’s happening, something else has to run at the time of the direct debit and figure out what the value of 326.16 CHF is in GPB and EURO at that exact time and put those numbers somewhere, so I have those numbers at the point of billing.

 

  1. How do I put the 326.16 CHF into my Euro Account or GBP Account? Can I put it somewhere else temporarily?

 

  1. I am then guessing I need to somehow generate an invoice in QuickBooks Online, using the GBP value of 326.16 CHF at the time the direct debit is collected, and set it to be marked paid, since the money was already collected in step # 1.

 

What exactly do I need to do, to make steps 1 thru 4 listed above happen?

1 reply

A
Ashleigh1
September 21, 2023

Hello ACECORP_UK, thanks for posting on the Community page, so Gocardless does not support foreign currency, and PayPal won't work for the Direct Debit Mandates. You would need to turn on Multi-currency in Quickbooks so you would be able to raise a CHF invoice to the customer, but in terms of automatic Direct payments, I don't think GoCardless supports foreign currency payments. Also once you have multi-currency turned on in Quickbooks you should be able to manually record the payments on the invoice you have raised the CHF for. It might be worth speaking to GoCardless themselves and you can also reach out to an accountant who can advise you on the best thing to do so you record what you want in your account. 

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