Afterpay / Payright payment options

Gillian Argentino · March 2020

Would someone be kind enough to tell me how you account for the % fee that Payright, Afterpay, Zipmoney etc deduct from an invoice before paying? For example, we invoice the customer $1300, they pay using Payright who in turn deducts 8% as a fee for service and send us the difference.

Acctd4 · March 2020

Hi Gillian To account for 3rd party payment gateway fees etc v net deposits I would recommend using a Clearing account (eg a dummy “Bank” account) You can receive (eg Deposit To) from individual or daily Sales Receipts & pay Fees etc via “Write Chq” out of this account. The remaining amount(s) in the Clearing account will equal each net deposit received into the actual main bank account. Some people like to use the “Transfer Funds” feature however I find “Write Chq” allows for more detail & is more self-explanatory. I usually create a specific Customer, Supplier(s) (eg AfterPay (Fees)”) & Other Name (eg “AfterPay Net Dep”) for these transactions then memorise them as a group in order to re-use as required

Gillian Argentino · March 2020

Thanks very much Shaz

Narelle Belford · April 2020

Would creating a Sales Order, and then Invoicing that Customer, ie, my boss has all online sales platforms we use set up to EcommerceDomestic or International, then creating a Class to differentiate which platform was used, Catch of the Day, Hard to Find etc, and then Invoicing EcommercD as the monthly Statement and Payment was received by Afterpay etc and using Online Commission Fee in the item list to account for their commission fee, and Receiving Payments once we got paid, work?

At the moment, they've been Creating Sales Receipts for each order and none of the payments hitting our account are matching up, due to the fact we receive the funds once a month, not when the product actually gets bought and sent out. (i've only just taken over and am trying to clean up a lot of mess)

Acctd4 · April 2020

Hi Narelle

I guess it depends how your sales work. If “Orders” are placed initially & not billed straight away, then I guess that would be applicable but if not, I’m not sure using a SO would serve any purpose?

Are the Sales Receipt amounts correct but just not received/deposited as per these entries?

If that’s the case, just set the “Deposit To” option at the bottom of the Sales Receipt to “Undeposited Funds” instead of directly into main bank account.

You can then tick off the Sales Receipt deposits as per the bank transactions.

I wouldn’t recommend using Classes for payment methods as Classes are transactional rather than database (eg Customer)-specific.

You might be better using one of the Custom Fields on the Customer record however this will only work if each Customer is unique.

Again, much depends on how you’ve got it set up v your sales scenarios.

Lastly, it’s VERY important to use a Clearing account within the process though in order to ensure that:

ALL of the income is captured
ALL of the expenses are captured &
the net deposit amount can be reflected & deposited as per your bank account.

If you use a discount item on the sale this will incorrectly reduce sales rather than increase expenses.

Shaz Hughes Dip(Fin) ACQ NSW, MICB

Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

Accounted 4 Bookkeeping Services

Ballajura, WA

0422 886 003

shazinoz2@bigpond.com

www.accounted4bs.com

Afterpay / Payright payment options

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Shaz Hughes Dip(Fin) ACQ NSW, MICB

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

Accounted 4 Bookkeeping Services

Ballajura, WA

(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!)

Shaz Hughes Dip(Fin) ACQ NSW, MICB

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

Accounted 4 Bookkeeping Services

Ballajura, WA

(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!)

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