Sum up

Hi. Thinking of getting sum up card reader. Looking at how I go about with payments in and card fees out. I currently do manual bank feed not looking for any auto feeds. So for example, I do a job for mrs Smith for £100. She pays by card. Later I make a quickfile invoice for her for £100. Sum up take £1.69 for the transaction. How do I show this invoice is paid ? How do I account for the £1.69 that is short if i enter into paid bank ? How do i account for the £1.69 paid to sum up. Any help would be great.

You treat SumUp as if it were another bank account. The £100 payment from your customer is a payment into the SumUp holding bank account in QuickFile, the £98.31 you receive in settlement is a bank transfer from the SumUp account to your current account. The fees will gradually build up as a positive balance on the holding account.

Each month SumUp send you a document detailing the fees they’ve charged on that month’s payments, which you treat in QuickFile as a purchase paid from the SumUp holding account to clear the built up balance.

You should setup a merchant account for that. Click on ** Banking**, scroll down until you can see Merchant Account. That is the place where you new Sumup account will be. Go back to the top and click Create Bank Accouint. Call it Sumup. Have a look on the link below. It is about paypal and gocardless but the setup is the same.

When you have created that account, open that account by clicking View. Click Input New Transaction Fill all fields, Date, Discription,in, £100 and press enter or click add. The line you created has a Tag field at the end. Click it and tag it to the customer who paid the £100.
Click Input New Transaction again and to the same with thw Sumup fee of £1.69, but this time you have to choose out. When you are done click the Tag button again and link it to/ or create a invoice for the £1.69 for your “Supplier” Sumup. Repeat with more payments if necessary
When Sumup transfers the money to your bank account. Tag it as a transfer between accounts and choose sumup.
You can also upload a csv file, which you have downloaded from sumup, to your sumup account in quickfile. This would make a few things easier and you need only to do the tagging part.

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