Credit Card Charges

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KatieJ2
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Credit Card Charges

Good afternoon,

 

We use both service and item invoices, I have seen the note in the community where you make the cc charge an item on the invoice, however we haven't seen an option for the service invoice. Ideally the one solution for the charge across all invoices would be ideal.

 

What is the best way to tackle this issue as the cc charge is on top of the payment and we want to make the customer aware before hand.

 

Many thanks for your help.

Katie

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Melisa_D
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Re: Credit Card Charges

Hi @KatieJ2

 

Thank you for your post and feedback, I have passed this on to the right team. While this is not an available feature, as a potential work around for an Item invoice you can set up an Item that you 'sell' and use this item on the invoice to apply the credit card fee.

 

Article Creating items has instructions on how to set this up in your software. Generally for this type of item you would only tick 'I sell this Item' in the set up. 

 

Please do let me know if you have any further questions. 

 

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

Cheers,
Melisa

MYOB Community Support

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KatieJ2
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Re: Credit Card Charges

Hi Melisa,

 

Thank you, I have the idea now. The only thing I'm confused about is setting up the account so that the charges are not added into our sales, there doesn't seem to be any instructions on what type of account that might be?

 

Any further help would be most appreciated.

 

Kind regards,

Katie

One2Many
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Re: Credit Card Charges

Hi Katie, as an experienced user, how do you reconcile payments made by credit card companies like Stripe where they extract their fee before depositing into our bank. The Bank feed shows a lesser amount than the invoiced amount. I suppose the same woul apply to eftpos sales. 

Help, Anybody please.

KatieJ2
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Re: Credit Card Charges

Hi there,

 

The only way I can think of, it might not be 100% correct, would be to readjust the invoice before marrying it up in the bank feed. As the fees are already taken from Stripe this would be a separate expense.

 

Let me think about a different option for you, I've not been able to find anything online that is the same?

 

How do the fees show from Stripe, do they just send a statement across?

 

 

One2Many
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Re: Credit Card Charges

Hi Katie,

 

Thanks for taking the time to reply. Even MYOB Team do not have an answer - its appears to be a work-around.

 

Stripe do not send a statement. They merely deposit the funds in bulk into our account. I can view the charges when I log into my Stripe account.

 

Cheers 

Prash

KatieJ2
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Re: Credit Card Charges

 Hi Prash,

 

Yes sometimes we have to find these workarounds and that is all that I can see working for now. That means when the fees are deposited later on they can be allocated correctly. 

 

We had an issue with MYOB fees, I've since had to turn off the online payments and when customers wants to pay by cc I add in the charge to the invoice and re-send across, so clunky but it means the customers are paying the fees and not us!

 

I've had a look around but couldn't see anything else that might work for you. Some of the team in the forum have replied to my posts and have tried to help, I think they might be overrun with requests. We can help each other even if I'm not a qualified accountant or a bookkeeper Smiley Happy

 

Let me know if you need anything at any time, there is normally some way forward no matter how clunky it might be!

One2Many
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Re: Credit Card Charges

Thanks for that.

Would you prefer a discussion over the phone to talk me through the work-around? Are you in NZ?

KatieJ2
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Re: Credit Card Charges

Hi Prash,

 

I'm not in NZ unfortunately, if Stripe deposits the amounts per transaction then it should be an easy process of adjusting the amount in the invoice and then matching in the bank feed.

 

Do you have access to change amounts on invoices, MYOB normally sets it to not allow these changes, however, you can change this to allow changes to invoices(in most cases), I can send across instructions if you need?

 

Katie

One2Many
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Re: Credit Card Charges

Hi Katie,

 

Stripe rarely deposits the amounts per transaction. Usually the amount is made up of a few transactions.

 

I do have Adninistrator access. 

This is what I just did...I created an item called Cr Card fee and linked it to "Bank Charges" for reporting. I have entered the Stripe fee as a negative amount so the Invoice Total matched with the Stripe payment. It Worked!

 

What was your solution?

 

Cheers

Prash

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