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Assigning multiple invoices to a single bank transaction.
I have a rather odd situation which I need some guidance on.
We have a subscription model for charging our clients which is collected by a payment provider. So for example we would create two invoices of £70 each which we would send to the client.
The payment provider would collect the £70 from each client and take £1.25 from each payment, they would also charge VAT on the £1.25.
So we have £140.00 - £2.50 - £0.38 = £137.12
When we do our bank upload we can only assign one invoice to the payment and we are not sure how to handle the missing £2.88 from the invoices?
Some advice would be great.
We have a subscription model for charging our clients which is collected by a payment provider. So for example we would create two invoices of £70 each which we would send to the client.
The payment provider would collect the £70 from each client and take £1.25 from each payment, they would also charge VAT on the £1.25.
So we have £140.00 - £2.50 - £0.38 = £137.12
When we do our bank upload we can only assign one invoice to the payment and we are not sure how to handle the missing £2.88 from the invoices?
Some advice would be great.
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Inappropriate?Iv'e noticed the help on assigning multiple invoices to a single payment, just need some advice on the expenses taken from the invoice.
I’m confident
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Inappropriate?Russell,
Just in case anyone arrives here with the same question:
You'll have discovered you should explain each of the invoices in turn as being paid in full, which will be greater than the transaction amount and so will leave an unexplained payment.
You can then explain that remaining unexplained amount as a Payment of Bank/Finance Charges.
More generally, a transaction is counted as fully explained when the total value of each of the explanations equals its own value. So multiple invoice payments can be handled by using multiple part-explanations, and also mixtures of payments and receipts like the above example can be used.
I’m hoping that makes sense, and conscious we should explain the process better within the app
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Inappropriate?We've got a couple of articles on the knowledge base that help too:
http://www.freeagentcentral.com/suppo...
http://www.freeagentcentral.com/suppo...
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