Inter-account transfers - incorrect dates & bank fees

Question asked by Lisa Coley 4 months ago

I have a double-ended question here.

We have UK £ bank accounts and overseas € accounts and occasionally we transfer money between the accounts.

I have one accounts (lets call it Euro 1) that has barely any transactions, in fact, it's just 9 in total for all of 2019/20.

We have transferred from another Euro account (let's call is Euro 2) that has over 100 transactions per month into the Euro 1 account 4 times in that year, €10,000 each time.

I have loaded the bank statement for each account into Clearbooks, and reconciled these payments using the Transfer tab.

However, looking at the total transactions for Euro 1 account I'm actually seeing 13 transactions (4 extra than the 9 there actualy are) and I assume this is because the £10,000 amount leaves Euro 2 account on, say, 9th April but arrives in Euro 1 account on 10th April. I assume that Clearbooks thinks these are two separate transactions. How can I solve this, as it shows my closing balance for Euro 1 account as £40,000 more than it should be! Do i have to delete items from the Euro 1 statement?

Second question, one of these transfers looks like it incurred a €26 bank fee, as €10,026 left Euro 2 account but only €10,000 arrived into Euro 1 account. I have tried reconciling this in the Euro 2 account statement as €26 using the transaction tab (creating is as a bank charge) and then using the Transfer tab to show just €10,000 arriving in Euro 1 account. However, going to the Euro 1 account, it is still showing as €10,026 arriving into the account. How do I get around this?

Essentially, my Euro 1 account balance is showing as €40,026 (the 4 erroneous payments in + the €26 bank charge) more than it should be.

Please can you help?!

4 Replies

Hi Lisa,

For the transfers, they would show on both your imported statement, however, you should only explain one of them and delete the other entry in the corresponding statement to avoid duplicates.

Also, for the entry with the bank charge, unfortunately, the system does have a restriction and does not allow entries to be explained as a part transfer and a part transaction. In this case, I would advise deleting the entry. Then head to Money > Bank Accounts > Click Recreate beside the bank account and recreate the transaction as two separate ones of €10,000 and €26, where you can then explain them separately.

Alternatively, if you'd like to keep the statement as accurate as possible with one transaction showing as €10,026, you can use the contra method, please see:

How to create a contra

Tommy

Hi Lisa,

I've just deleted the screenshot to avoid sharing sensitive information on our community. Would you be able to email in your company name to support@clearbooks.co.uk so I can take a closer look?

Thanks,

Tommy

Thanks Tommy.

I have followed your advice (kind of!) and deleted the €10,026 line from the bank account and entered two new ones - one for the £10,000 transfer and another for the €26 bank fee.

This has works, and shows correctly in both bank accounts.

However, I have now found a very strange anomaly... I have a transfer from Euro 1 to UK 1, which left the Euro account as €21697.82 on 23rd March and arrived in the UK account as £20,000 on 24th March. I have reconciled each line in each bank statement using the Transfer tab, but when I look at the Euro 1 account, it is showing really strangely...

If I view it in £ amount, it is showing as two payments out of £20,000 (and showing my 31/3/20 closing balance as £20,000 lower than it should be).

If I switch currency and view in €, it is showing as a payment out of €21,697.82 and another payment out of just €21 (and leaving the 31/3/20 closing balance as €21 lower than it should be).

See attached screengrabs. Is this a glitch?!

I can't delete either of these payments because it will leave a line unreconciled from the bank account and also show the closing totals as incorrect on one or other account.

What do I need to do? Thanks Lisa

Thanks Tommy. Just emailed you.

To clarify, my GBP account closing balance is showing as £20,000 too much (because the deposit is seemingly coming in twice, even though I've edited the line item in both accounts to show it occurring on the same date), and my EUR account is showing as €21 too little, because of that strange amount showing as going out in addition to the €21,697.82.

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