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Handling Merchant Fees / Tagging Invoices

Hi All,

I have scoured a bit of the forums and either I am not asking the correct question or I just cannot find the answer.

I have two questions to ask here:

  1. If someone for example has an invoice of £22.50, and he uses bank transfer to make the payment, but ended up making 2 payments (£20 + £2.50). How would I be able to tag both of those payments to a single invoice?

  2. How on earth do I work with fees?

For example, I have an invoice, it’s paid with GoCardless or with Stripe. Each one of these providers charge a fee. For a invoice that is £22.50, once it is paid in to my bank account, the amount will be £21.98.

Now, I can see the transaction on my BANK account statement with a referance that matches the GC or STRIPE transaction, £21.98, but the invoice is £22.50. The invoice has been marked as paid, by stripe or GC.

When I import my bank statement, I now have a a line item, match £21.98, but cant tag it to anything. If I try and assign it to a client, it wants to add it as a credit.

I also have no idea how to log the 0.52p fee?

I hope this all makes sense.

Screenshot below with further info

EDIT: I also noticed this morning that If there are multiple debits that have come off, they will get groups to a single amount. How would I then split this off?

Hi @KingRaymond795

On both of the payments, when you click “Tag Me”, select “Payment from a Client” and use the “Pay down multiple invoices or assign to a client account” option:
Regarding the fee, hopefully this guide, which walks through the process step-by-step, will help: Accounting for income from a payment service provider


Fantastic! This has all worked out! Thanks so much. Now I need to figure out why my bank says I have one amount in it and quick file says something compeltely different…

I am not completely sure what you mean. Do you mean the balance on your bank account within quickfile is different from your bank account within your bank?
If so, did you setup an opening balance when you created the bank account within quickfile?
Or, have you checked that all transactions in your bank account show up in quickfile?
Or, are there maybe duplicate entries showing up in quickfile?

1 Like

I cant really see any duplicates. Starting balance was 0. When I import the banks statement, everything matches up.

On quickfile (for example) It says I have £412.44 and my bank statement it says I have £322.22 (just thumbsucking numbers here).

Is there maybe a transaction “pending” on your bank account?

Nope. I’ve checked. I think i might need to delete everything and start again :confused:

Hi @KingRaymond795

The first thing I would do, is try to reconcile your bank account with QuickFile. This involves comparing your bank statement to the figures on QuickFile. We have a guide on this, here: Reconciling your bank

Start with a wide date range (e.g. month-by-month), and when you identify an issue, drill down into a small time period (e.g. week-by-week).

Who do you bank with?

I will look at the article you posted. I bank with Lloyds

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