Card fees - how do I account for them when customer pays by card?

Question asked by Alistair Powell 8 years ago

Hi, how do I account for credit or debit card fees? So for example, I raise an invoice for £200, the customer pays by card but I only receive £200 less the 2.5% transaction fee ie £195. When I allocate a payment on the invoice, I can only show £195 and the invoice is £5 short? Thanks

4 Replies

Hi Alistair,

You can do this using the money in option on the Money>Bank accounts menu -

file

Create the payment of 195:

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When explaining this payment first start by explaining the fee - to do this enter a nagative amount in the Amount box and select bank charges as the account (if this does not appear in the list, head to Settings>Accounting>Account codes to tick the show in sales check box beside this account).

Click on the Add new transaction button to add this part of the explanation

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Once added you will then be able to allocate £200 to the invoice - Click on the Add transaction button beside the appropriate invoice:

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Hi Alistair,

Do you usually import a statement and need to explain this receipt from there?

Hi - no, I normally use the quick pay facility at the bottom of each invoice.

Hi Alistair,

You can do this using the money in option on the Money>Bank accounts menu -

file

Create the payment of 195:

file

When explaining this payment first start by explaining the fee - to do this enter a nagative amount in the Amount box and select bank charges as the account (if this does not appear in the list, head to Settings>Accounting>Account codes to tick the show in sales check box beside this account).

Click on the Add new transaction button to add this part of the explanation

file

Once added you will then be able to allocate £200 to the invoice - Click on the Add transaction button beside the appropriate invoice:

file

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