Recording sales if the amount received has taken out the processing fee

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We recently changed our online payment solutions to Stripe. How it works is that we don't receive the full amount but the amount which the processing fee has been taken out. For example, if a $50 payment made via Stripe, we only receive $49.50 in our bank account.

In Reckon, if we record the sales receipt for the amount of $49.50 as it is the amount we actually received, it would cause issue when someone requests tax receipt from us, we can only issue the $49.50 tax receipt from Reckon, not the $50.00.

Does anyone have a similar set-up in your book, I'm interested to know how you deal with it.
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John Zhang

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Posted 4 years ago

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Kathy Mackinlay

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I had a similar setup in another job. I receipted the full amount to the debtor and undeposited funds. When i went into banking I put a credit (to reduce the banking total) to an expense account for fees. This worked really well. Kathy
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John Zhang

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Hi Kathy, thank you so much for your reply. I just have a further question regarding to the 'Record Deposits' in Reckon. When I put a credit to reduce the total amount, I can't apply tax code for it. It would be GST inclusive in the processing fee. Is there a way to add the tax code column within this function so that I can apply a tax code for the expense?

Thanks heaps!
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Michelle Youl

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I am currently using Stripe for some of my payments as well. Kathy, when you say you recorded a credit in the banking area, and allocated this to the expense account, was this something you were able to record against the specific payment received, so that you could track back and see which transaction the banking fee related to?
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Lew Cody

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Michelle I too am a Wave user. I have 2 businesses 1 my own and one in partnership with someone else. My partner didn't like the idea of Waveapps being free and was worried about support. So we moved the partnership business to Reckon One. I have kept my business in Waveapps as it has so many nice features than Reckon One but lacks a user forum which I'd love to setup for Australians. In reality I have support to be no worse with Waveapps compared to Reckon as far as turn around time goes.
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Michelle Youl

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The thing that doesn't work for me with Waveapps is that their system only allows for an accrual system. This is fine if you run your business on that basis, but as someone who works on a cash basis, this made the whole functionality very frustrating for me. I also didn't like that I couldn't make notes against a client's file for future reference (I do pet cremation, so being able to keep track, easily, of pet names, species, etc on a client's file who comes in for repeat business is quite valuable). So between not being able to keep notes, and the accrual-only option, along with a few other more minor, niggly little things, it just wasn't working for me. At least with Reckon One, I don't have to re-work reports to get answers, which is pretty important for me as I also have chronic health issues to deal with, so energy is in short supply!
Waveapps is an okay system, but just with anything, it's not for everyone. I do miss being able to attach an image/pdf to records though, but Reckon are working on that.