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Posting customers payments

karhgohkarhgoh Member Posts: 3

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

  • GerryWinterGerryWinter Accredited Partner Posts: 729 ✭✭✭

    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 0418907140   +61 418907140

    [email protected]

  • ZappyZappy Accredited Partner Posts: 4,815 ✭✭✭

    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

  • Acctd4Acctd4 Accredited Partner Posts: 1,448 ✭✭✭

    @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 / Reckon Accounts Hosted!)

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

    Accounted 4 Bookkeeping Services Ballajura, WA

    0422 886 003

    [email protected]

    https://www.accounted4bs.com/

    (NB: Please mark your post as Accepted Answer/Answered if I have been able to resolve your query as this helps others when seeking solutions!)

  • ZappyZappy Accredited Partner Posts: 4,815 ✭✭✭

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

  • Acctd4Acctd4 Accredited Partner Posts: 1,448 ✭✭✭

    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 / Reckon Accounts Hosted!)

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

    Accounted 4 Bookkeeping Services Ballajura, WA

    0422 886 003

    [email protected]

    https://www.accounted4bs.com/

    (NB: Please mark your post as Accepted Answer/Answered if I have been able to resolve your query as this helps others when seeking solutions!)

  • karhgohkarhgoh Member Posts: 3

    Thanks for all the help

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