OBC Payouts

On a monthly basis, the Open Book Collective transfers funds to our account for library subscriptions. These include deducted OBC fees and development fund contributions. These need to be entered into Quickbooks separately as fees. Since the fees are deducted in different currencies, you first need to convert them into USD, using the date of the statement.

There is a spreadsheet of past payments: https://docs.google.com/spreadsheets/d/1_rkojrNIvW5NVR90KLD8lrbP05kmhzFymyNJTssqjPM/edit?gid=0#gid=0

• For the conversion rate of each currency, use the date of OBC payment notice and historic exchange rate on that date (or next non-bank holiday): https://www.x-rates.com/historical/?from=USD&amount=1&date=2025-04-05
  
• Put in the fees separately as a journal entry set on the first of the previous month:
  DEBIT OBC Fees
  CREDIT Library Support