Re: Match bank feed to multiple cards

Paulcoops58

I have a bank feed payment for multiple invoices for more than one company. I'm having trouble understanding how i process this. The payment is from Square pty ltd and take 2.2% off the invoice amounts and we have factored this into the invoiced amounts as a square processing fee. I need to know how to set up the payment, allocate this to the applicable invoices AND allow for the square 2.2% taken for the transactions

Neil_M

HI @Paulcoops58 

 

The only difference between this process and normally receipting the payment to your bank account would be to receipt the payment into a clearing account, which will need to be set up in your chart of accounts as a bank type of account.

 

This effectively acts as a intermediary account, similar to a jar on the desk where the money is placed in, and any expenses can be paid out of this money before the amount is taken to your bank and deposited.

 

If you were unsure of the entries for how to use a clearing account, I recommend speaking with your accountant for advice