Managing iZettle

Question asked by Sean Harrison 7 years ago

Hi all,

As Clearbooks doesn't integrate with iZettle I was wondering how people are managing it?

I have it setup as a separate bank account and treat things as follows:

  1. Create an invoice every month for total sales. Quick pay the invoice to iZettle account for the amount of sales via credit (invoice left with balance from cash payments).
  2. Transaction fee added as a bill. Quick pay to iZettle account for full amount.
  3. Cashback added as bill (refund to transaction fee account). Quick pay to iZettle account for full amount.
  4. Transfer out of iZettle is done on a daily basis into HSBC account. This is treated as a transfer in Clearbooks.

My issue is the cash sales. The client doesn't pay the full cash sales into the bank at the end of each day. What is the best way for me to manage and show the invoices as paid in full, but still able to track how much he owes the company (e.g. via Directors expense account)? Do you guys create another account for Directors Loans?

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Hi Sean - this is very similar to how we have the GoCardless integration working in Clear Books (and will probably be used for other payment merchants in future).

Could you create a cash account and in Step 1 create two separate invoices (one for sales, one for card) then for cash sales quick pay off the invoice using the iZettle account and transfer the cash sales amount to the cash account. Finally, when this cash is actually paid into the bank account, create a transfer from the cash account to the business account - would this work for you?

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7 years ago

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