Card Processing Fees

Question asked by Samuel Barr 10 years ago

Hello,

How would I account for process/transaction fees. My initial thought was to setup a new account and call it Card Payments and when a customer pays an invoice record the amount paid to this account. I would then transfer the amount (minus fees) to the current account. The amount thats then left in the Card Payments I would record against a payment of Bank Charges/Fees.

Sound about right?

Thanks Sam

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2 Replies

Hi Sam,

You could indeed do this or alternatively if you import a bank statement you can explain the receipt by first explaining the bank charge as a negative amount:

file

Hit the Add transaction button.

You will then be able to explain the full amount by allocating against the invoice:

file

Best answer
10 years ago

Hi, I am still struggling with exactly the same question, especially as the layout has changed since this question was raised. Can you explain it clearly to me. Thanks.

8 years ago

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