International Payment Agents

Hi there,

I am using agents like Transfer Wise and HIFX for paying my suppliers from EU.

For example:

I have an invoice for 300 EURO to pay, they convert it GBP and add their fee on the top. So say the amount of £269 is taken from my account as one transaction, i.e. the fee is not separated from the invoice amount (say £260 goes towards the invoice, and £9 is agents fee).

What is the best way to record such transactions?

Could you help, please?

Thanks,

Paul

Posted by Paul on Mar 11, 2014 10:40 PM GMT

Hi Paul,

I think the simplest approach is to record two Money Paid Out transactions paid from the Cheque Account: an invoice payment for £260 and a general payment for £9.

Cheers

Posted by Mark McLaren (Solar Accounts) on Mar 12, 2014 12:13 PM GMT