Recording SUMUP Card Reader transactions in a purely Cash Business

Hi,
We have acquired a SumU Card Reader which has proved excellent for handling cash sales when previously hard cash or cheques were the norm. We have also used it for Subscription payments collection. I am happy with the way that SumUp manages the gross payments with the fees then netted off.
Previously posted entries in the forum and help pages seem to always tie back to invoices. We don’t have that issue.
Q: I have a card payment that combines sales and subscriptions.
I have established a ‘merchant account’ in advance into which I would record the total amount (or should I separate out sales from subs it at this point?).
Tagging of the Subscription payment element should be straightforward via the split transaction however the Sales need to be split by stock category for various accounting reasons.
When the SumUp payment comes down through the bank autofeed how do I then apportion the fees element which for this first year I am looking assign to sub-accounts specifically for Sales and Subscriptions fees (For what it is worth!).
If I/we can get the above scenario to work the pure sales transactions should fall out of the solution.
Regards,
Nigel

Hi @NDG1944

Just to clarify the situation here -

  • You have the SumUp feed running and currently handle cash transactions
  • You have a merchant account set up to split out the transaction and the fee element
  • You now have subscription payments also coming in but looking to split these out (is this with the feed?)
  • The transaction needs to be split at least between cash and subscriptions, and also account for the fee

Does that sound about right?

I just want to be sure I’ve understood the situation correctly.

Hi Mathew,

  1. I have started collecting payments using the card reader and they are being fed across to the target bank account. (I assume that you did not mean that there was an Auto-Feed from Sumup to QF? I note that there is a csv upload facility)
  2. Merchant account set up.
  3. Subscription payment taken bundled with Sales so need to split out to Sales and Subs (chart of) accounts.
  4. The fee needs to be split up to three ways: Subs x 1 ; Sales Category 1 and Sales category 2 weighted by the respective values of Subs, Sales category 1 and Sales category 2 composition of the Gross payment amount.
    I hope that has confirm your assumptions and clarified the requirement further.
    Regards,
    Nigel