GoCardless and my bank account

Question asked by Edward Syrett 9 years ago

Hi All,

Perhaps I'm being thick here but I don't understand how GoCardless is supposed to integrate with CB and my bank account.

I have both GoCardless and my physical bank account registered as "Bank Accounts" in CB. CB is able to see the transactions in GoCardless. But GoCardless hasn't transferred any cash into my bank account because I still need to verify my bank account with GoCardless.

What is supposed to happen when I get paid via GoCardless?

Should it transfer automatically to my bank account? If so then presumably I don't need GoCardless as a "bank account"?

Thanks,

Ed.

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2 Replies

Don't worry Ed,

GoCardless can seem a bit tricky, but hopefully I can help explain the process a bit better for you.

When a pre-auth is used to pay off an invoice, the system triggers GoCardless to begin their 7 day process to collect the money for you. Once this process is complete you receive the money in to your bank account, however in Clear Books the system needs to mark the invoice as paid and create the GC transactions fee automatically for you.

It does both of these things using the GoCardless bank account. A payment is automatically allocated to the invoice and a paid bill is created by the system to represent the GC fee. The net effect is that the GoCardless bank account balance in Clear Books now shows the amount of money you actually receive from GC.

Obviously you actually want this balance in your business account, so when you import the statement for your business account always explain the receipts of money from GoCardless as transfers from the GC bank account in Clear Books:

file

I hope this helps

Best answer
9 years ago

The muddy waters are clearing....

Thanks.

9 years ago

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