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Thread: Fixing cust. age analysis - unexpected interbank fees (forex)

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    Bronze Member michellepace's Avatar
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    Question Fixing cust. age analysis - unexpected interbank fees (forex)

    Hi there,

    I am cleaning up our customer age analysis. I have a few small amounts showing as outstanding for the past couple of years (yes years). For instance, if you look at FLS02 , they were invoiced $100 a few years ago. FLS02 paid us $100 but a fee of $7.00 was automatically subtracted between the banks, when we received the funds we only received $93 into our account. We're happy to pay this free ourselves. However now, my customer's account shows a $7.00 amount outstanding.

    Question:
    I am worred that simply passing a discount or CN will somehow throw my figures out. What is the cleanest way of fixing this so that my customer can have his correct balance outstanding of, $0.00.

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    As always, thank you
    Michelle

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    Hi Michelle

    Cool question. I would not play around with credit notes or journals here. In instances like this I always ask myself: "If I could magically go back to the day of this transaction and recapture it, what would have been the correct entry?".

    This for me is similar to the YOCO fees thread we had a week or 2 ago (https://www.theforumsa.co.za/forums/...ions-in-Pastel). I would do the following if I were in your position.

    This is a bank fees matter, so I suggest you do 2 entries through cash book. 1 receipt of $7.00 against this customer (FLS02) and 1 payment again bank charges of $7.00. Make sure to use the same exchange rate so that you cash book squares with no impact. Make sense?

    Kindest regards,
    Alec
    Alec Candiotes (CA) SA
    Business Intelligence and Report Automation developer

    www.mybi.co.zaalec@mybi.co.za • 072 997 9553

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