Thanks Emma,
I don't think I need to do anything with an exchange rate as we received Euro's to pay a Euro invoice.
As the funds came into the PayPal account we lost some of the payment on fees. So we invoiced €1000 but received €985.65. How do I account for the difference?
Claire
It's good to see you back, Django Girls.
We can add the bank fee as we deposit the invoice payments to your register. Here's what you'll need to do:
- Open the invoice.
- Click the Receive payment button.
- Fill in the necessary information.
- Select Undeposited Funds in the Deposit to the field.
- Click Save and close.
Once done, create a Bank Deposit and enter the fee as a negative amount.
- In the left menu, click the + New button.
- Select Bank deposit under Others.
- Select the bank account in the Account field and enter the Date.
- Under the Select the payments included in this deposit section, mark the invoice payment.
- Go to the Add funds to this deposit section, and select the bank fee account in the ACCOUNT column.
- Enter the bank fee as a negative amount.
- Click Save and close.
The total amount now should be the same as the one that reflected in your actual bank account. You can also use this article for reference: Record and make Bank Deposits in QuickBooks Online.
As always, I'm just a post away if you should have questions on this or any other QuickBooks topic. Cheering you to continued success.
