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Accounting for merchant fees

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nikp
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Accounting for merchant fees

Hey all,

 

Probably a silly question that has been answered before, however, I couldn't find the answers browsing through the helpful posts of the myob community.

 

We are a gardening company and we charge by the hour. We provide services through a third party agent. The third party agent charges a merchant fee of 2% of the total that we have invoiced. One remittance sheet might include multiple clients and the 2% is deducted of the total of the invoices as opposed from the individual clients' charge.

 

[Our charge] $1,000 - [merchant fee of 2%] $20 = $980

 

Is there a smart/fast way to go about acounting for that $20? Also, does it mean I would have to calculate 2% for each individual client as I am doing remittance? The only feature I have seen so far is the discount that appears on the Payment screen.

 

Any help would be much appreciated.

 

Nik

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CloverQ
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Re: Accounting for merchant fees

Hi @nikp 

 

I'd suggest checking out this Help article that explains the correct steps to account for merchant fees for a similar set up: Recording payments made through Paypal. It would still be best to check with your accountant for the best way of recording for your business set up. 

 

I hope this helps.

Kind regards,
Clover

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