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TC1808's avatar
TC1808
Experienced User
2 years ago

Surcharge on credit cards

We want to pass on the surcharge for credit card payments to the customer. However, our invoices are printed when the job is complete and then sits with the repair until the customer collects it. We use Square to process payments but we have no way of knowing beforehand if a customer will pay by credit card (we offer cash and direct debit as well) so the surcharge has to be added at pick-up but this means the amount paid will not match the actual amount shown on the invoice. We can print a receipt from Square which will show the extra amount but then not sure how to handle this scenario in MYOB so everything matches up. Any suggestions would be welcomed. Thanks.

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  • Sean_DC's avatar
    Sean_DC
    MYOB Moderator
    12 months ago

    Hi TC1808 

     

    Thank you for your post.

     

    What I would suggest that you do is create a separate expense account for Square Fees. On each invoice, you can now add another line specifically for its fees. If it's for your invoice, you can add the fees on the Square Fee line as a negative. By doing this, the total of the transaction will be the full amount, but keep track of the fees as well at the same time. I would also suggest putting a description in there. Here's an example of what it would look like for an invoice: 

    sq.PNG

    The second option is a deposit adjustment.

     

    1. Select the invoice being paid
    2. In the Match amount field manually type the invoice total, you'll end up with an out of balance for the amount of the fees
    3. Click on Add adjustment
    4. Select the applicable fees expense account
    5. Enter the amount of the fee as a negative
    6. Save

    image.png

     

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    Please feel free to post again. I'm happy to assist further.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users in finding this information.