Z reads and Credit Card Sales

How-to
1

I am trying to do thing in incremental steps and am getting confused.

  1. I have tagged my credit card sales and then transferred them to my credit card bank account.

  2. I have then produced a new transaction in my credit card account for money in using the following link as a guide. This produces an invoice for the credit card statement for a particular month.

Handling payments from merchant accounts.

  1. I now need to tag my cash payments from my current account. I have tagged these and moved them to my petty cash account.

This is the bit where I am confused.

I have now got a zread for total sales from the previous week. Do i produce an invoice with the cash sales and credit card sale now and tag the petty cash sales. What do i do about the credit card sales that I have already produced an invoice for.

I am doing this the correct way.

Thanks

2

When working from till Z readings I wouldn’t bother putting separate invoices through for the card sales and the cash sales. What I do for my shop is create a single invoice for each Z reading whose value is the total sales (cash plus card) on that reading, and log two separate part-payments against the invoice for the cash sale value (to petty cash) and the card sale value (to a merchant account) to mark the invoice as paid in full. When the money from card payments arrives in my current account I tag these transactions simply as transfers from the merchant account, not as separate invoices.

When the card provider takes their fees you raise a purchase in QuickFile to account for this. In my case the provider takes their fees directly from the card payments and pays me the net value, in QuickFile I represent this by “paying” the fees invoice from the merchant account. Other providers might pay you the full amount but then take their fees by direct debit later, in that case you’d pay the fees invoice from your current account.

3

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