- minus on invoice not correct? - Zettle invoice/fee

I’m trying to put total zettle sales in and minus their fees but its subtracting more than it should. The answer should be £1526.75 but QF says its £1,516.75

This is worrying or am I doing something wrong?

*This transaction has not been saved due to being wrong

Hello @FunkyPunky

You would generally use a merchant account to record something like this.

https://support.quickfile.co.uk/t/handling-payments-from-merchant-accounts/8865

Hi @FunkyPunky

Just to add to @QFSteve’s post, 1,544.00 minus 27.25 does equal 1,516.75.

Where are these figures coming from?

ooooh! directly from the Zettle statement! Seems like its Zettle i need to contact

OK its me! I just noticed the mistake.

I did ask my accountant about merchant bank and he said we should just be able to create minus on the statement. Which does seem easier. Until i’m a prat mis reading the numbers of course. Is there any reason why i should ot do this?

Thank you and sorry for being an idiot :slight_smile:

Ah, that explains it! Looks like there’s a typo in the entry form (your first screenshot).

The amount should have been £1,554.00 rather than £1,544.00 (double 5, rather than double 4).

But ideally, if you follow the guide @QFSteve linked to above, this will allow you to record the invoice and the fees separately and keep everything balanced, too.

Let us know if you need any help!


Edit
You beat me to it :wink:

As I briefly mentioned above, essentially every transaction is 3 -

  • Invoice you raise (your income)
  • Invoice Zettle raises (your fees)
  • The amount you receive (your income minus your fees)

The difference with this, is that it allows you to track your merchant account more accurately, for example, before they may out the net amount.

If you’re VAT registered, this also allows you to apply the correct VAT treatment to the fees invoice (e.g. some are reverse charge, some are 0%).

If you’re not VAT registered, there’s nothing wrong with how you’ve done it, the overall effect is the same. The bonus would be, you can keep track of the merchant account and how much is owed, etc., if you did do it with a merchant account.

Hope that all makes sense!

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