Thanks guys, that's exactly what I need! I suspected it would be something like that, but I didn't want to go cutting my leather before getting confirmation (or finding out there was a missing piece).
As a side question, does anyone know where to get more 'robust' clasps than Tandy? One of my wife's bags has a similar clasp to this one, but the metal is much thicker. The one I have seems a little flimsy. Where would I get something a little more quality for next time?