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Re: Match bank feed to multiple cards
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 amoun...
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
