Topic: foreign account work flow
I posted a while ago about getting a correct quick-entries formula, which Leland was kind enough to answer (thanks Leland!). Unfortunately, I never did figure a satisfactory work flow, which leads me to believe I probably didn't ask the correct question to begin with.
I am a CAD company. One supplier I deal with works it so that I have to deposit money into an online account that works in USD, and when I buy a product from them, they take the money out of that account. While it is not a real bank account, for my purposes it works like one and I would like to reconcile against it, so I set up a USD bank account in FA to represent it.
When I put money into the account of said supplier, they take CAD from my visa and deposit a USD value into the account. If I want to put $100USD into the account, the way it is recorded on their statement is as a credit to the account for 108.25, and a debit of $3.25 as a handling fee, and another debit of $5.00 is taken for GST.
I tried doing this entirely by journal entry but after a bunch of times trying to work out how, I figured out that that smells like a bad idea.
So I trawled the forums and found that I shouldn't be using a journal entry for this, but a payment/deposit/transfer instead, and indeed under bank account transfers I see what I am looking for to take CAD money from visa and put it into the USD bank account. But I don't understand how to record the 3.25 into banking fees account and the 5.00 in the GST account, both of which are coming from the USD bank account into my native CAD CoA accounts? I seem stuck back at making journal entries.
What would be the best way to enter this into FA?