Hi there. I wanted to ask how you record the changes made by a card reader supplier. We use I zettle as as the charge is taken off the sales before the deposit makes it to the bank account, how do you account for that?
https://support.quickfile.co.uk/t/accounting-for-income-from-a-payment-service-provider/8870
This article talks about GoCardless but the principle is exactly the same for any other payment service that does net settlement - payments from customers go into a dummy bank account in full; the net payouts from Zettle (after deduction of fees) are bank transfers between accounts; and once a month, or however often they invoice you for their fees, you make a “purchase” for the fee total and pay that from the dummy account to balance it out.
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