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Will95's avatar
Will95
Cover User
2 years ago

Best way to enter Afterpay/ZipPay merchant fees already taken from income paid

Hi, looking for some guidance on the best & easiest way to record the Afterpay/zip pay merchant fee which is already taken once we are paid.

 

we have been receiving payments from them for a couple years now and I've never entered the fees but gathered it would be beneficial for us to claim the merchant fees as there is a large amount each month.
As we have bank feeds setup I simply allocate the amount paid to us as income because the merchant fees are already taken once paid to us. 

I don't get to see the merchant fees til the end of month so how would I enter this? I did think about just creating a "spend money" transaction but then that amount would be sitting there as a payment made from the business account when it hasn't so I won't be able to reconcile it, I can't really either go to each Afterpay payment on our bank feed and manually add the merchant fee because that would be a massive task.

 

Would really appreciate some help please people. Thanks!

Afterpay
merchant fees
ZipPay

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  • Tracey_H's avatar
    Tracey_H
    Former Staff
    2 years ago

    Hi Will95 

     

    Thanks for your post. If the fees are deducted from the payment before it is deposited into your bank account you can enter add an adjustment for the fees when matching the bank feed. 

     

    In Bank transactions

    1. click on the expand arrow and Match transaction
    2. tick the invoice(s)
    3. overwrite the amount in the Match amount column to the full value of the invoice
    4. click on Add adjustment
    5. select the applicable expense account and enter the fees amount
    6. Save

       

    Please let me know if you need further help.

     

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

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