I recently created an account with IntuitPay to allow me to take credit card payments over the phone. I log on to their website and take the payment. I’m wanting to know how I account for this in QF.
I’ve only taken one payment so far - a sale of £277.00, which gave me £269.38 after charges from Intuit. How do I account for this, as the invoice was £277, but I actually received £7.62 less. Not used to this type of transaction as normally just do cash/cheque/BACS for the full amount, ie. no 3rd party charges.
The process is pretty much the same for any scenario whereby you’re using a payment processor (e.g. PayPal, GoCardless, Streamline, Stripe etc) to collect funds and receiving the NET, minus a fee. You just treat IntuitPay like another bank account.
Here are the 3 steps:
Post all your IntuitPay sales GROSS into the IntuitPay merchant account.
When you receive a lump payment from IntuitPay (usually for a bunch of invoices), tag this as a transfer from the IntuitPay merchant account to your current account.
At the end of the month the account will be in credit proportionate to the fees you’ve paid to IntuitPay, enter a money out transaction to bring the IntuitPay account back to zero and tag as a purchase payment to IntuitPay under ‘bank charges’.