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Bessie1
February 8, 2021
Question

How to apply USD Payments for USD invoices

  • February 8, 2021
  • 1 reply
  • 0 views

Good evening!

We have a UK business which along with its main GBP bank account also has a USD account.

We invoice some customers in USD and the customers pay in USD into the USD bank account.

When the receipt comes into the account the amount is usually less by a bank charge, so for example, An invoice for $1,000 is paid buy the customer and we receive $995 into the USD bank account.

How do I set off the receipt against the invoice as there is not a match option in the bank review section?

After speaking with the helpdesk, I was told to go to Make a payment in the customer and put in the amount of $995 as the amount received against the invoice and then journal the $5 between debtors and bank fees. This does indeed clear the debtor, but the amount received remains in the bank review section. 

I cleared this by excluding them.

This issue I now have is when I come to reconcile the USD bank account, many of the transactions do not show up on the QB reconciliation but are on the bank statement.

I am therefore doing something wrong!

Can anyone help please?

 

1 reply

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ChristieAnn 11
February 8, 2021

Hi there, Bessie1.

 

It's nice to see you back here in QuickBooks Community. I also appreciate you for providing detailed information with your concern about missing transactions in the QuickBooks reconciliation but are on the bank statement.

 

Since you've confirmed that you excluded the entries, this could be the reason the transactions do not show up on the reconciliation. That said, I 

recommend undoing those excluded transactions so they'll go back to the For Review section.

 

Here's how:

 

  1. Tap on Banking at the left panel. Then, select your bank account from the result.
  2. Go to the Excluded tab.
  3. Choose some transactions that you want to undo. Then, click the Undo link.

 

 

Once done, you can create a deposit to record the $995 invoice payment that you've already recorded as the amount received. Then, put the $5 fees on the next line item as the negative amount so you're able to match this with other downloaded transactions. Follow the steps below.

 

  1. Go to + New > Bank Deposit.
  2. Select the bank account where you want to deposit the money.
  3. From the Select payments included in this deposit section, put a checkmark on the payment you want to deposit.
  4. Under Add funds to this deposit, select the customer's name from the Received From column.
  5. Select an expense account from the Account column, and enter the fee of $5 as a negative amount.
  6. Click Save and close.

 

After that, you can now match the deposit to the payment posted on the Banking page. Please refer to this article to see the process: Categorise and match online bank transactions in QuickBooks Online.

 

Once everything is good, go back to the reconciliation page and you'll able to view your complete transactions. With this, you can now reconcile your USD bank account. You can click this article to see the detailed steps to successfully finish the process: Reconcile an account in QuickBooks Online.

 

Let me know if you have any additional questions. I'm here to ensure your continued success.

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Bessie1Author
February 10, 2021

Thanks for the response.

This doesn't quite work for me as when I get to this point (select payment...)

Go to + New > Bank Deposit. Select the bank account where you want to deposit the money. From the Select payments included in this deposit section, put a checkmark on the payment you want to deposit.

 

There is no option to select the payment to set the deposit off against, meaning that when I post the deposit, it is not matched off against the invoice in Debtors

 

How do I get the option to select the payment?

 

Thanks

E
EmmaM
February 10, 2021

Hello Bessie, In order for the above to work the invoice itself in the receive payment you would need to select the undeposited fund's account, This will then populate in that field in the bank deposit page for you to select and then create the expense you need to deduct from that amount for the fee. Any queries just reply back to this thread.

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