Gocardless merchant account further questions

[ianjh]

Continuing the discussion from How to tag gocardless payments as they’re -£2:

@Glenn

This topic is now closed. New replies are no longer allowed.

Hi Glenn, yes a guide on GoCardless would be excellent.

Something is not quite right with what I did though. The gocardless transctions are showing up as a debit under bank charges.

Is this because I created a supplier called Gocardless as per my previous thread.

[ianjh]

I had a purchase in there for some reason and this was tied to the DD entry for 223.00

I got rid of the purchase then I saw another entry in my bank account for a transfer from GoCardless. This was now duplicate. I removed this entry so the only ones that remained for the DD’s were the two which I imported from my statement are the only ones there.

Just for clarity, there was 2 DD payments. Inoices where 2 x £225 which after charges are 2 x £223

Problem now is the gocardless merchant account doesn’t show as a credit in the chart of accounts anymore??

Any idea what’s happening? thanks

[Glenn]

@ianjh

Something is not quite right with what I did though. The gocardless transctions are showing up as a debit under bank charges.

Debits and credits are reversed for double entry bookkeeping so that sounds normal to me! See the explanation below:

Incorrect postings to Directors Loan Account

One thing that is very counter intuitive in the world of double-entry accounting is that in the context of bank accounts, debits and credits are reversed from how we normally interpret them. If you’ve got a string of bank transfers to fund the company along with various expenses you have covered “out-of-pocket” then the DLA account should be in the red. This sounds exactly like what you have described and is how it should be. The company owes you money so on the balance sheet that overdawn DLA …