International Payments and accounts

[surveyor]

I think I'm getting confused. I have a client based in Ireland who pays me from the US head office.

Currently I am billing them in Euro's, and they have now started paying me electronically. The end sum that I see is in £ as it goes in the bank.

When they payed by euro cheque I could tick it off as the full Euro amount, and then adjust for any exchange rate loss due to currency movement between issuing the invoice and it being paid.

Now what the hell do I do? I have a single payment for multiple invoices, the invoices are in euro, but I only see the total in sterling.

I'm very confused.

[surveyor]

Countdown said:

surveyor said:

I think I'm getting confused. I have a client based in Ireland who pays me from the US head office.

Currently I am billing them in Euro's, and they have now started paying me electronically. The end sum that I see is in £ as it goes in the bank.

When they payed by euro cheque I could tick it off as the full Euro amount, and then adjust for any exchange rate loss due to currency movement between issuing the invoice and it being paid.

Now what the hell do I do? I have a single payment for multiple invoices, the invoices are in euro, but I only see the total in sterling.

I'm very confused.

further to the above two comments - do you not get a remittance advice to enable you to match the Sterling receipt to the $Eu invoices?

No I bloody don't. I don't think people do remittance slips anymore! Even where I hold plans until I receive payment people don't bother and seem to hope that I've noticed payment coming in...

[surveyor]

Countdown said:

Sorry I was just asking....

It sounds like you're dealing with "personal Customers" rather than "Businesses". It's a lot easier for businesses to send out remittance advices rather than dealing with a plethora of queries saying "You've paid us £Xk can you let us know which invoices/credit notes/ POs this relates to?"

Maybe give them a unique payment reference for each invoice, so that you can match it up on your bank statement?

Bit of both. Personal Customers are the ones who don't tell me they've paid then demand their plans.... Very few businesses who are my clients seem to use Remittance Advice.

They are all told to quote the invoice number as a payment reference. Some of them even do it.....