Correct way to process GoCardless transactions

[Oliver_Nash]

Hello,

I’ve previously posted about this but have another question (sorry!)

I’ve been following the guide here:
http://community.quickfile.co.uk/t/handling-payments-from-merchant-accounts/8865

But at step 12 - it says input a new transaction for the total amount paid to you by the payment provider. Surely if I do this, the virtual payment service provider account will be showing as in credit? - I was under the impression that this account should equal 0 once everything had been processed?

Could somebody message me to give me a hand when they’ve got a minute? - It’d be very much appreciated!

Many thanks,

Oliver

[ian_roberts]

With merchant accounts that deduct their fees and just pay you the net, this is right. The invoices are marked as paid into the merchant account, the net settlements are transfers from the merchant account to your current account, and the residual balance in the merchant account corresponds to the fees they deducted, which you would typically assign to a purchase invoice to bring the account back to zero.

[Oliver_Nash]

That’s great, thanks @ian_roberts!