HI Guys quick question – I get an amount on the Jobsplus scheme for one of my staff deposited into my account every month. Trying to do the Bank Rec here but I’m not sure how to file these, I don’t issue invoices for them, revenue just eft’s me the money. Also, more thing, I have invoices issue in £ ( say, £1000) bu the payment comes in as € ( say, €1,300) – Bank Rec won’t allow this even with auto adjust. Tried the forums for both of these but didn’t find anything . Thanks

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HI Guys quick question – I get an amount on the Jobsplus scheme for one of my staff deposited into my account every month. Trying to do the Bank Rec here but I’m not sure how to file these, I don’t issue invoices for them, revenue just eft’s me the money. Also, more thing, I have invoices issue in £ ( say, £1000) bu the payment comes in as € ( say, €1,300) – Bank Rec won’t allow this even with auto adjust. Tried the forums for both of these but didn’t find anything . Thanks

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Peter Connor ⋅ Staff June 25, 2016
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Hi Declan, 
Jobs plus: I’m not sure how you’d handle this. Your account should have a good idea. He’ll probably want to use the manual journal entries, they’re located in the top right. 
Auto Adjust: This is usually used for Revenue, they round down. So there is a float of one euro, they’re nice like that 🙂
Invoices: Are you creating an Stg invoice or a Euro invoice that comes in Stg?
Thanks Declan

#answer-3549
  1. declan25 June 25, 2016
    ok, will do that for the JobsPLus
  2. declan25 June 25, 2016
    I'm creating the invoices in sterling ( as a lot of UK companies prefer that) - but when they're payments come through to my account it's in euro
  3. Peter Connor June 25, 2016
    Yep so that's correct, the bank will convert it for you unless you've a stg account.
    Bullet will handle this for you and also work out all your fx gain/loss tax liability.
    Can you give me an invoice no and I'll have a look for you.
    Pete
  4. declan25 June 25, 2016
    sure, invoice 351 is the one that stick in the Bank Rec right now
  5. Peter Connor June 25, 2016
    Cool Dec, just give me a couple of minutes.
  6. declan25 June 25, 2016
    sure
  7. Peter Connor June 25, 2016
    Hi Dec,
    It seems you've recorded that payment. Is this the correct invoice you're recording?

    http://recordit.co/PXKIUgV901
    Pete
  8. Peter Connor June 25, 2016
    Did you mark that as paid manually or did you reconcile it?
  9. declan25 June 25, 2016
    i mostly likely marked it as paid when it arrived into the account
  10. declan25 June 25, 2016
    just doing the the Rec now though
  11. Peter Connor June 25, 2016
    Cool. So you marked it as paid as in did the calc yourself or took the number from the bank account?
  12. declan25 June 25, 2016
    took the number from the bank account
  13. declan25 June 25, 2016
    Exchange Rate at Issue Date (GBP to EUR)
  14. declan25 June 25, 2016
    (I'm guessing the rates changed between the issue date and the payment date)
  15. Peter Connor June 25, 2016
    Yep, did you pick the exchange rate?
  16. declan25 June 25, 2016
    nope
  17. declan25 June 25, 2016
    we just send the invoice and accept whatever rate we get when it arrives :/
  18. Peter Connor June 25, 2016
    As if was that the rate the bank gave you when the money hit your bank account?
  19. declan25 June 25, 2016
    which is kinda stupid I guess!
  20. declan25 June 25, 2016
    yeah
  21. Peter Connor June 25, 2016
    Cool so that was the number the bank gave you when the money hit your account. Not, then you created the invoice and you looked up a currency exchange site?
  22. declan25 June 25, 2016
    just noticed that there's a fair chunk of money in the difference from what we billed and were paid :/
  23. declan25 June 25, 2016
    I'm not 100% sure to be honest, I think I took the rate off the AIB IBB when the money arrived
  24. declan25 June 25, 2016
    would it be easier to adjust all the UK invoices in the past to euro and to just put in the amount that arrived?
  25. Peter Connor June 25, 2016
    Yep huge. Might be worth looking at it again, looks like a mistake.
    So the exchange rate is always defined by the bank when they transfer the money into your account. It's never defined by you, or a site like XE.

    The bank have their own FX rate and they'll roll FX charges in there too. Charges are put in as to Bullet as a bill (bank fee).
    Have a look at the bank statement, something is wrong with that number and let me know.

    Pete
  26. declan25 June 25, 2016
    ok, will do
  27. Peter Connor June 25, 2016
    Just a quick question.

    I see you using the header images on the invoices, hope you like them. You can use them for upsells too by creating multiple invoice templates.
    I noticed you haven't closed any of your todo's, may I ask why?
    Pete
  28. declan25 June 25, 2016
    just erased some of them as I/m only using bullet since 1/1/2016
  29. declan25 June 25, 2016
    my vat returns before that we're done manually here in Excel
  30. declan25 June 25, 2016
    We're doing year end accounts here ( 1/05/15 - 20/04/16
  31. declan25 June 25, 2016
    so in the process of doing the Bank Rec I'm creating all the older invoices and bills - right now only some are in the there so the VAT numbers don't match what was actually files
  32. declan25 June 25, 2016
    *files
  33. declan25 June 25, 2016
    **filed!
  34. declan25 June 25, 2016
    does that make any sense at all?
  35. declan25 June 25, 2016
    trying to make a manual journal entry for the DSP
  36. declan25 June 25, 2016
    says Total Bedits and Credits need to be equip
  37. declan25 June 25, 2016
    sorry.. I'm not an accountant
  38. Peter Connor June 25, 2016
    Sure, we're not accountants either Dec. So I can't advise you on journal entries. The only thing I can say is if you're not comfortable with them then don't do them. They'll mess up your accountants.
  39. declan25 June 25, 2016
    probably a good idea, I'll let them to the end for the accountants to review
  40. declan25 June 25, 2016
    thanks again

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