We’ve introduced a $1 charge for all U.S domestic payments as of March 15th, 2019. The charge will automatically be added to each U.S domestic payment you send.
How will this fee reconcile with my Veem payments in Xero?
Veem will now expose an expense account separate from the funding account. This can be set up at two different times with the Veem-Xero integration:
- During the initial set up
Select "Get This App” at https://www.xero.com/us/marketplace/app/veem-international-payments/. This will send you to Veem in order to set up the integration. Select the Veem “Fee Expense Account” to record the $1 domestic charge to.
- If you already have the integration set up
Go to the integrations tab in your Veem dashboard and select the fee expense account to specify where the fee should go.
After Setting Up the Fee Expense Account
Veem will create an Expense Account in Xero by default. However, you can specify whichever account you would like this fee to attach to. If you already have the integration, you will have to select the Expense Account you would like the fee to be recorded in.
When submitting bills in Xero, the original Bill Total is sent to Veem. The $1 fee is added at the “Debit Initiated” stage. At this point, the original bill being paid is updated to include the $1 fee; this fee is added as a line item on the bill in Xero. Everything will reconcile as normal and your Veem Bill Pay process will stay the same.