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Payment Received is the Net Amount - How to enter

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Kennywoods
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Payment Received is the Net Amount - How to enter

Good Afternoon...

 

I have a query on the best way to record the Following Information...

 

Fees Amount $2,070.30 (GST Free)

Less Transaction Fee - $13.25 (Includes GST of $1.20)

 

Amount deposited to our account was $2,057.05

 

The Transaction Fee is for handling fee collection (rejections) charges for the $2070.30 total fees.

 

Base fees are GST-free (childcare)

 

Grateful for guidance on the best way to capture this, please.

 

Regards

 

David

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ronatbas
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Re: Payment Received is the Net Amount - How to enter

@Kennywoods

 

You need to record this as a Receive Money to Undeposited Funds( $2070.30 Sales FRE). Then open a Spend Money Window bank is Undeposited Funds and do a two line entry:

Line one  1xxxx Bank $2057.05 N-T

Line two 6 xxxx Merchant Fees $13.25 GST

This way you have recorded your total income and the expense of the credit supplier.

 

Ron B
BAS Group
03 95588477

info@basgroup.com.au
Making MYOB work for you
Kennywoods
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Re: Payment Received is the Net Amount - How to enter

Thank you very kindly - that works perfectly..

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