I am struggling with the fees in both Stripe and Go Cardless. Both bank accounts are set up on the system. The GC account has the full invoice amounts in but no Fees. How do I add the fees to the account as a payment out?
Essentially you end up with 3 transactions for every one. I’ll give you an example.
I invoice my client for £100.00, who pays by GoCardless. They take a £1 fee and send me the remaining £99.00.
In my GoCardless bank account, I would now have these 3 transactions:
Money IN - £100.00 - Tagged to the client invoice (paid in full)
Money OUT - £1.00 - Tagged to a GoCardless invoice
Money OUT - £99.00 - Tagged as a transfer to my current account (or wherever it’s paid)
There is however 2 things to consider here. GoCardless, although they take their fees at the time of the transactions, do send you a monthly summary by email. You can therefore bulk your fees up and have just one invoice for GoCardless at the end of the month.
The other thing is, if you have lots of transactions, chances are, you’re likely to receive a bulk payment into your bank account. You can do this if you wish, or log them individually.
The money in (if paid via QuickFile) will be automated, but the money out transactions will need to be manually entered.
Hope that helps.
Thank you for your help. I thought the fees may have been detailed in the GO Cardless holding account. I will follow your instructions.
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