1. I have added my bank account to Quickbooks. I have 6 different accounts from Transferwise, EUR, USD, GBR, SGD, AUD, NZD.
2. Under my Stripe Payment account I have the same currencies recorded, EUR, USD, GBR, SGD, AUD, NZD.
So EUR is default account if a currency is used that is not any of the following above here. Like my home currency is PHP since my business are here in the Philippines.
3. The question is how I manage this with a customer invoice and the payment. Also how do I record bank charges correctly for this?
a. Make an invoice for the customer.
b. Record a Payment for the invoice.
c. Send a sales receipt to customer.
But this guests booked online with us and paid via Stripe. In this case in EUR so it goes to the EUR account with Stripe. Stripe will the deposit this a few days later in to my EUR account with Transferwise.
a. I need to record the Stripe charges somewhere?
So I made an invoice for this person. So the currency is different since my home currency are in PHP first of all. I read I should out this invoice under Undeposited Funds account. And then when the funds have been transferred from Stripe to Transferwise I will record it from there. And also add in bank charges or any other charges there might be. This since payments comes in a cluster from Stripe to Transferwise. Is this the correct way of doing this or not?
Or should I wait until the money are in my bank account. Then record it as and income under the different income accounts I have. Also record the different charges there are from Stripe for example. The question is only what I should do with the invoice I have made already? Your input would be very appreciated about this.
Quickbooks also tells me I can only use one foreign currency at the time! Whats this mean actually? Invoice is in PHP but I do receive EUR so how do I make this correctly with my invoices? Record this transaction in EUR or in PHP?
Been using Wave Accounting for many years. But have transfered from their to Quickbooks a few ago only. So I would need some help or input on how to work these small problems out, thank you for your time.
