How to tag and categorise income from VRBO Trip Advisor & Stripe

[Mel247]

Set up the Free version of quickfile a couple of days ago

Sole Proprietor - Furnished Holiday Let

Uploaded my bank statements in CSV format and I am in the process of tagging.

Income is derived from 3 sources

VRBO they pay direct into bank after they have deducted their commission & fees

Trip Advisor - same as VRBO

Stripe we use for direct bookings made via our website which is also paid direct into bank account after they deduct their processing fees

Can you suggest the best way to tag them and how and what category to use for the payments? I have not done anything thing with them yet

Note: Usually payments are made for each individual booking and tend not to come in lumped together from any of the sources although that could change if the number of bookings increased, for example two 2 night bookings in the same week via the same supplier

My initial thoughts were to set up suppliers for VRBO Trip Advisor and Stripe ?

I am a bit lost on this one, help would be appreciated

Thank you - Mel

[QFSteve]

Hello @Mel247

It is often better to use a merchant account (dummy bank account) in the banking screen.

e.g.

• Sales invoice £120 gross paid to trip advisor (use the merchant account for the payment)
• £10 fee taken by Trip advisor (set trip advisor as a supplier and record the purchase invoice for the fee, pay it using the merchant account)
• Tag the £110 in you main bank (from the csv) as a bank transfer from the merchant account (this will clear the balance on the merchant account and show you receiving the payment less any fees)