You can now capture the bank charges for payments in both Zoho Invoice and Zoho Books.
Most often, when you receive payments from your customers via bank remittances or transfers, you may not have received the amount in its entirety. Most banks deduct a charge for the transaction. For instance, if you had sent an invoice for $300 and your customer pays back via a bank remittance, the bank may deduct a $2 or $3 as a transaction fee for this remittance. Until now, there was no option to capture these bank charges.
With this introduction, you will be able to capture the bank charges right at the time of recording a payment as you see in the screen capture below. You can also read more about this in our product help section.
It takes only a minute for you to try the feature and another minute to let us know how much you like it. We’ll be back with another addition very soon. You can network with us and other Zoho users on Twitter and Facebook.
Can it deduct by percentage? All my transactions are percentage based.
@Bjorn, we will certainly pass this request to the development team. Thanks for posting your request here.
I live in Japan. Here it is common that the customers deduct the payment that the bank charges the customer (the one who is sending the payment).As the current solution is, say the invoice says 3000 JPY, the charge is 250 JPY. I only receive 2750 JPY, but the zoho invoice reports as if I have received 3000 JPY, which is not correct in my case.There should be an opton to chose whether the deducted charge would reduce the amount received or not. Please implement this asap.Currently, this is very inconvenient for my use.Best Regards,
Bjorn
Thanks to everyone for sharing your suggestions here.@dietmar walser, please could you explain your request in detail?
Thank you @Bibin for clarifying. This feature can also be useful for tracking credit charges deducted from payments if you are not using Zoho Invoice's native credit card services. We use Square to accept credit cards so this will allow me handle the fees deducted by Square. Thanks again.
Love it, but would love it even more if I could also add PayPal and Google Checkout charges.
Thanks to everyone for sharing your ideas here.
@Guy, A report for bank charges is certainly on our agenda
@William, @Philip, Thanks for all the suggestions. I have forwarded your requests to the development team for consideration.
@Karl, You are absolutely right. The amount reflects the payment made by the customer and therefore, this amount is inclusive of bank charge. To mark the bank charge as "inclusive" or "exclusive" is something we will provide in the near future.
I noticed this feature a while ago so don't believe it's new is it!
nice feature. Helps me keep track of that sort of stuff.
Hi
This will be great for accounting, where bank charges are involved.Had my hopes up for a moment that you were somehow able to track bank payments made and record these back into the system, (now that would be good), but I realise that is almost impossible to do.What could work is to add another link in the invoice email where the customer can click and confirm their bank payment details.
The system could then:
- send us an email to confirm the payment has been made
- record the bank ref supplied by the customer
- mark the invoice as temp-paid or pending-paid
- put reminder notices on hold for, say, 5 days until we can manually enter the payment into the system (so the client does not get annoying reminders)
- have a page showing all temp-paid or pending-paid invoices for followupcheers . . .
Could you please clarify the wording "Amount paid by the customer including the bank charges"? I assume this means the following:
Original Invoice Amount = $300.00
Client Pays via Bank transfer = $300.00
Bank Fee = $2.00
[Bank Charges = $2.00]
[Amount (USD) = $300.00] Amount paid by customer including the bank charges.
please do the same with skonti, this is a rabat on the hole thing, which can be handled in the same way...
it would be nice to select from a list of discount fees so that we don't have to calculate for each amount. Like 1.6% or 2.4%, etc.
Great feature just discovered today!
Is there any way to aggregate these into a report, so I'd be able to learn how cruel my bank is?Thanks,
Guy