Invoice 1 total = £588.00
Invoice 2 total = £160.00
Grand Total £748.00
The customer settled both invoices in one transaction using paypal. Which then shows on my bank statement as payment from “paypal” total transferred = £722.37 minus paypals commission -£25.63
I used this bank statement transaction to reconcile against the 2 outstanding invoices, problem is, Invoice 1 is shown as partially settled with the commission amount still owing.
I could fudge the invoice to reconcile this, but this does not allow me to claim for paypals commission.
Which is the correct way to settle this outstanding balance and account for paypals commission?
** Please note, I have not set up the paypal integration, their commision is too high and I will not be using that service again.
In a nutshell you setup a bank account called “PayPal”, pay the invoices in full to that account. Then you would tag the NET amount (less commission) received from PayPal as a transfer to this PayPal bank account and the difference you enter as money out and tag as a supplier payment to a PayPal. After doing this the PayPal account should balance at zero and the invoices marked as fully paid, without needing to fudge the amounts on the invoices.
Hope that helps, although let us know if you need any further guidance.
The screenshot you’ve posted relates to charging your clients the fee (either fixed or percentage) when they try to pay with that option (in this case, PayPal).
The above posts relate to recording the amount PayPal have taken as part of a transaction.
If you use the feed, then fees are automatically sunned up and tagged to a supplier (you can access this by going to your PayPal bank account, and going to More Options >> Feed Settings).
If you go to Settings on that menu, and change the bank account type to PayPal (Merchant Account), you can then set up an automated PayPal feed. This allows QuickFile to pull in your transactions on a daily basis.
There’s a more detailed guide here, which explains what the feed does and how it can be used. It’s certainly not a requirement to use it, you’re welcome to add the transactions manually if you prefer. But the feed may help with making sure everything is accounted for
I’m starting to think that one can’t retrospectively change this… My Quickfile account pre-dates this feature I think. This needs to be able to be changed retrospectively.
