Accounting for payment provider fees

[MrP]

All my daily sales are through a payment provider (square), who then send me my total daily sales minus their processing fees.

When I upload my bank feed it shows a debit from square (eg £200) but the invoice I’ve created for myself is daily sales (eg £220).

How do I tag my invoice and bank feed? Can I make a “card fees” supplier and then tag invoice and card fees to the one bank feed?

I’ve had a search but cant seem to find an answer

David

[ian_roberts]

Accounting for income from a payment service provider

Introduction This guide will help you to reconcile payments from the likes of PayPal, GoCardless, Stripe along with any credit card PDQ service provider and more broadly any payment provider that collects income on your behalf and pays you the net amount, minus their fee. It’s a very common scenario in accounting and it’s very useful to know how to account for these types of transactions. The Basics Obviously the key thing here is that the amounts received don’t exactly match your invoices, and…