Multiple Merchant Accounts on Cash Register Tool

First day using and finding it all quite simple in comparison to other programs I’ve used for another business, but thought I wanted to automate as much as possible in mine now and found Quickfile.

I’m a small business (nail & beauty salon) and receive cash and card merchant payments from 3 or 4 sources. I wanted to use the cash register tool as seems the most sensible but in initial set up I’ve only managed to get one card merchant added to this. Is this a limited service? If so, is there an easy work around or a best way to set this up?

I’m a bit confused on how to reconcile the deposits from each merchant in the bank account. Do I need to tag each income line (or bulk tag) and where do I assign. Or would the cash register tool find them and allocate them? Hope that makes sense.

Many thanks

Each merchant is represented by a bank account in QuickFile. You receive payment from the customer when you put their card through your machine, not when the merchant actually hands over the money to you a few days later. So what you need to end up with is one “invoice” per day (or per Z reading from your till) for the total amount of sales regardless of how they were paid, then several separate payments on the same date, into the cash account and each of the merchant accounts, such that the total of the payments adds up to the total sales for the day and the invoice is fully paid.

When you later receive the money from the merchant provider, that is simply a “bank transfer” in QuickFile from the relevant merchant bank account into your current account - it isn’t income at this point as you’ve already accounted for that when you took the card payments. Essentially, the balance on each merchant bank account in QuickFile at any given moment represents the amount of card payments you’ve processed but haven’t yet been paid for.

The cash register tool is a quick way to create these groups of one-invoice-with-several-payments but as you’ve discovered it only supports two payment types per day (cash and card). If you need more than two payment types you’ll have to create the invoice and the separate payments by hand.

Hi Ian
Thanks for that response. I thought that would be the case as I couldn’t find a way round it myself, but as with all new things sometimes you’re blinded by the amount you’re taking on board.

My Stripe payments can be received in my current account weeks before they show on my Z reading as they are part of an online booking system for future appointments, will this impact how this operates? Also they deduct fees from each individual transaction so I assume that will be an 'invoice" on their merchant bank account. Can this be done in bulk daily/weekly for ease?

Thanks in advance

As I said above, when the settlement payments from Stripe land in your current account that is simply a bank transfer from the Stripe holding account to the current account, so that doesn’t really affect how you log the payments against the invoices. Though it might be a bit more complex if you’re VAT registered as then it’s more important to log the payments at the time they’re actually received.

Regarding the Stripe fees, they actually invoice you on a monthly basis for the fees they’ve charged - the invoices appear in your Stripe dashboard under settings -> business settings -> documents. You can just wait until you receive this invoice and then treat it as a purchase in the normal way, paid out of the Stripe holding account (since they’ve already withheld the fees when the payments were settled).

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Thank you so much
Off for an afternoon of statement processing.

The OP may have found an alternative way of working but the Cash Register Tool really could do with one or two more columns. At the moment we are also dealing with a lot of one online sales split across two processors. In normal times we will normally have at least two sales points with their own cash floats, pre CV19 that meant one set of sales going through the CRT and one requiring invoices to be created and then flagged as paid (the last step is something that our volunteers will invariably forget to do).

Ideally we would like at least one more column which we could assign to whatever class of bank account we wished plus the ability to customise column labelling.

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