Posting customers payments

karhgoh

Hi,

I sold products to my customers and received payments through paypal virtual terminal.

The paypal fees are deducted at the instance of billing through paypal.

For eg. the invoice is $200.00 in reckon and paypal deducted $20.00 for fees so I get $180 into my bank.

Can anyone please advise how to post this payment?

Thanks

James

GerryWinter

I setup a clearing account where the full payment is made to and then i transfer the actual funds my my real bank account and then make chq payment for the fees thereby clearing the clearing account, Call me if you want to discuss more.

Zappy

Gerry's idea will work fine. The alternative is to create a tax invoice accompanied by an adjustment note for the fees. You can then receive the payment against the invoice

Acctd4

@Zappy The Fees need be reported as Expenses (via a Clearing account as per Gerry's post) not a reduction in sales!

Zappy

Shaz you can create an adjustment note which will record an expense, as per my suggestion.

Acctd4

Adjustment Notes shouldn’t be used for expenses - they’re an income/sales form

karhgoh

Thanks for all the help