I recently made a sale using a “payment link” for the first time. I am still waiting for the payment to clear (this takes a few days) and I am already nervous about how to record the sale.
I use Revolut for the Payment Links (and using my phone as a card reader). I have automatic bank feed set up on my Quickfile Account so the payment will come up in the banking section as soon as it clears.
How I processed it
I created a new client on Quickfile, and created a new invoice. In the invoice I put the sale amount of £55. I included in the additional notes the payment link from Revolut
Within Revolut I created a new sale for £55 and in the notes of the sale I put “Invoice XXXX - The name of the service”.
I can see on the Revolut transaction list for upcoming payments that the payment for £55 has been made by the customer and I will only receive £54.25 into my account as there is a fee of £0.75 to Apple for Apple Pay and Revolut for processing the transaction.
What I need help with
When the payment clears, how do I tag this. As the payment coming in won’t be enough to offset the full invoice
Setup a new merchant account in the banking screen (“Revolut Payment Links”)
Tag the payment in the bank as a transfer to the merchant account
Open the invoice and log the payment in full using the new merchant account
Create a new bank transaction for Apple Pay and Revolut processing fee and tag these to appropriate purchases for the providers (the payment links merchant account would net off to zero)
Do the Apple Pay and Revolut processing fees show up on your account or do they just send you the difference?
Assuming the latter, adding these transactions would cause your bank balance to be out of sync with the actual bank balance so a merchant account would be required.
Yeah, they only send the Difference. My first reply was made without actually researching what the Merchant Account does. I will update the thread if I run into any issues.
The payment is still pending at the moment as Revolut hold the funds for 7 days before releasing them to me.
I’ve just watched the video guide and it still doesn’t make any sense or seem to tally with my problem @QFSteve.
As I mentioned in my original post. I have my bank account set up in quickfile. Making a merchant account will duplicate things. The transaction of the payment coming in will autmatically show in the bank account. So it will mess up the profit / loss amounts if i record the sale twice in the bank and the merchant account?
Setup a new merchant account in the banking screen (“Revolut Payment Links”)
Tag the payment in the bank as a transfer to the merchant account
Open the invoice and log the payment in full using the new merchant account
Create a new bank transaction for Apple Pay and Revolut processing fee and tag these to appropriate purchases for the providers (the payment links merchant account would net off to zero)
Simplified example
The Merchant account is recording the sale (e.g. £100)
From this merchant balance of £100 the fees are paid (e.g. 2x £5) leaving £90
Your main bank will show the money coming in (automatically on your feed which is the sales less fees) this would be tagged as a transfer from the merchant account (the £90 balance).
There would be no duplication of the sale as the invoice is only paid once by the merchant account.
Should I make my own Fee Nominal Code for this or just use the existing bank fee’s. I suppose if I make my own code it will give me data at the EOY as to what the Revolut Transaction Fee has cost the business over the year?
