Posting customers payments

karhgoh
karhgoh Member Posts: 8

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

Answers

  • GerryWinter
    GerryWinter Accredited Partner Posts: 1,204 Personal Range Expert Personal Range Expert

    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.

    Gerry id 6376

    Gerhard Winter

    Ph. 0418907140

    Reckon Store Next Door

    "Always at your Service"

    Email: gwinter0808@gmail.com

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

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

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Acctd4
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

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

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • karhgoh
    karhgoh Member Posts: 8

    Thanks for all the help