Bank Fee

Accounting
1

Fee for ATM withdraw, PayPal, Stripe + bank fee
Cost for exchange EUR to GBP
How do I bookkeep those transactions

Playing around with bank tagging rules but…

2

Create a supplier Stipe, Paypal and so on and tag the fees to the relevant supplier which will create an invoice, and gives you also the choice to tag this automatically in the future (auto-tag)

Maybe have a look here
https://support.quickfile.co.uk/t/accounting-for-income-from-a-payment-service-provider/8870

and here
https://support.quickfile.co.uk/t/automated-bank-tagging-rules/8840

3

Hi,
sorry still don’t get it :frowning:
Made some dummies but nada!
Thought there was an easy way for transactions

4

Hi @ukbolag

Do you have a specific example that you need help with?

5

Hi Beth
Hope you can make my day :slight_smile:

  1. ATM withdrawal = ATM fee and transfer the amount to my PH account
  2. Bank fees/charge
  3. Invoice paid with PayPal/Stripe
    Where to add their cost
  4. We usually get paid in EUR
    We exchange EUR to GBP
    Where to add cost
6

Quick file on YouTube, training session five (5) years ago
Probably I made a wrong decision when I purchased Quick file :frowning:

7

Hi @ukbolag

You might want to look at holding/merchant accounts for the paypal/stripe: Handling payments from merchant accounts

You may find the answers relating to your EUR payments/invoices here: Invoicing in foreign currencies

With bank fees these are journals - you may find it best to get in touch with an accountant who uses QuickFile to help you if you are struggling

8

Unfortunately they don’t use Quickfile otherwise I would ask them
Sorry I just thought support was for support
Usually they give an example and complete it with a link

9

Hi @ukbolag

We’re here to help :slight_smile:

PayPal and Stripe fees are like any other merchant account. They are treated like a dummy bank account - the guides @rhc and @QFBeth linked to walk you through how to set these up. They’re just like a bank account in QuickFile where you have 3 transactions for every 1:

  • Money in (for the full amount), tagged to the sale invoice it relates to
  • Money out (for the fee), tagged to a purchase invoice (e.g. Stripe issues an invoice for these at the end of the month)
  • Money out (for the balance), tagged as a transfer to the bank account they deposited the money to, such as your current account.

Does this show as a separate transaction on your bank statement, or is it all together with the amount you paid? When you record the non-GBP values in QuickFile, this is usually handled for you when compared to the exchange rate at the time. @QFBeth linked to the relevant guide above, but it also applies to transactions too.

Your accountant doesn’t necessarily have to use QuickFile to help with accounting queries. QuickFile is an accrual based double-entry bookkeeping platform, which is common. If your accountant can advise you on how they should be recorded, we can help translate that into doing it in QuickFile.

Unfortunately, the QuickFile Support Team aren’t accountants, so we can’t advise on how they should be recorded, just how to do things within QuickFile.

Hope this helps!

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10

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