Hi,
I have a question on how to account for various payments that come in via a third party in bulk form, but already have the transaction subsidy charge removed. This is for a sports club where I have to allocate match fees.
So match fees are paid by 11 individual players to a 3rd party via an app (in this case it’s called Spond). The app takes its cut, and send the remaining money to the club in one but payment.
e.g.
11 players paying £10 each = £110 to the SPOND app.
SPOND takes a fee of 7.27% which is £8.00
There is £102 left payable back into the club account. £102 divided by 11 is £9.27 per player, a cost of £0.73 for using the app.
I know I can set up an invoice per player for £9.27. However, I would like to setup invoices for the individual players to show we have asked for for £10.00 and that this has been paid, however, I would like to show the £8.00 transaction charge as a cost to the club. So in the outs it will show up as an expense. Also in the accounts I would like to show that each member has paid their £10 match fees per game in that particular players account - so it can be tracked. Rather than being a bus payment.
How does one go about doing that.
Thanks in advance.