Logging payments from Payleven

[AESElectrical]

Hi guys i have just purchased a Payleven machine and taken my first payment with it, the issuers charge 2.75% per transaction, this amount wasnt added to the customer bill so how do i set it up in quickfile?, the amount paid using the machine will be transferred to my ban account less the handling fee, if i tag that against the customers account it will show a shortfall and only part paid, how do i combat that?

[Parker1090]

Hello!

I’d follow the same guide as PayPal, Stripe etc.

Set up a dummy bank account, and have the ‘full’ amount coming in, (e.g. £25.00 coming in). Tag this to the invoice.

Then, have 2 money out transactions - 1 as a transfer to your main bank account, and 1 to a purchase invoice for the fees.

So, you would have:
IN >>> £25.00 (tagged to relevant invoice)
OUT < £0.69 (tagged to purchase invoice as bank changes)
OUT < £24.31 (tagged as transfer to your main bank account)

Hope this helps!

Edit
May be worth taking a look at this post:
http://community.quickfile.co.uk/t/showing-deductions-for-paypal-fees/2990/2?u=parker1090

[Glenn]

Also take a look at the link below. It’s a very common accounting scenario and the procedures are broadly the same for any sort of payment service, fixed PDQ, online payments (e.g. PayPal, Stripe, GoCardless) or otherwise.

Guide: Accounting for income from payment service providers