Merchant and Online Payment Service Accounts

Accounting
1

I have a merchant account for GoCardless when I enter my gross, nett and fees amounts. I have a ‘spplier’ called GoCardless Charges for the fees. Can I setup a ‘GoCardless Charges’ journal and, if so, in what accounting section?

2

Hi @GaryWilliams

Can I just check - do you mean a nominal code? If so, the Overheads section should be fine, in the sub-category “Bank charges and interest”.

3

Hi Mathew,

Yes, I meant nominal code. I could not find a sub-category “Bank charges and interest”. The closest I could find is the “7900’s” so I setup “7907 GoCardless Charges” like this:

Overheads (7000 - 9999)

7900 Bank Interest Paid
7901 Bank Charges
7902 Currency Charges
7903 Loan Interest Paid
7904 H.P. Interest
7905 Credit Charges
7906 Exchange Rate Variance
7907 GoCardless Charges

Cheers

Gary

4

Hi Mathew,

I have got my accounts pretty well in order now but for these few rogue items. Please tell me which nominal codes I need to use for:

Personal items purchased via business account (I lost my credit card!)

Office consumables, ie, batteries for keyboard and mouse, printer inks cartridges

Companies House - Submission Fee

Payment for web seminar

Software licenses

HMRC Income Tax - Income Tax

Cheers

Gary

5

Gary, Both personal items and HMRC income tax payments are treated as personal drawings, and should go under Directors Loan Account

Office Consumables, as listed in your post, can go under Stationery, or if you prefer printer ink can go under Printing.

Companies house submission fee, I created my own nominal and called it Web Filing Fees, you can do the same if you wish
Payment for web seminar, stick that under Training Costs
Software Licenses, stick that under Subscriptions

6

Hi SXGuy,

Thanks for the advice. I get worried that I’ll post to the wrong nominal accounts and mess up the P&L.

Cheers

Gary