WorldPay - confused with their invoices and how to account in QF

Accounting
1

The invoice I get from WP is giving me some issues!!

Example;

Transactions settled = 1114
I enter this in the WorldPay merchant account as my sales to customer - that part is OK.

Then I see deductions;

Commission = -31.24
Monthly invoice = -.35
VAT transaction = -6.32
Total = -37.91
Total paid = 1114-37.91 = 1076.09

The VAT is not right as its too high??!!

Then I have a note that 6.67 will be deducted from next months balance due and it will be shown in the transfer report.
However, in the next month it doesn’t show this amount - just similar values as above.

Is there an example to go through on help or can someone advise how I log each transaction part.

Many thanks!!

2

You would usually split out the charge that Worldpay are making for their services from the sales income they are collecting on your behalf.

The sales income gets logged to a single bulk or multiple sales invoices and the charge (detailed) below gets posted to a purchase invoice.

The VAT looks correct as Worldpay are charging you £31.50 + VAT.

3

When I enter the value in the purchase invoice and create the invoice in QF it doesn’t show the same VAT amount - it was something like 5.72, so the WP VAT is right but not sure its right in QF. Sorry that was not clear.
How do I account for the 6.67 which is carried forward?

4

The VAT element is coming up correctly when I enter this into QuickFile.

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I’m not sure about the carried forward amount but you should translate the values as per the invoice. Presumably any carried forward amounts should be shown on future invoices, if not that would be something to query with Worldpay.

5

In the WP merchant account I created an invoice there for this process.

Can you look at QF00528 and advise why its different to the way you did it.

Thanks!

6

You have £31.59 as the gross amount rather than the NET.

I see however that the VAT plus the 35p invoice amount is what is getting carried forward, not sure why WP would do that?

If the invoice shows a total of £37.91 that’s how it should be entered in QF, even if you’re only assigning a lower amount of £31.59 to the balance and then later assigning the difference.