Hi there
I have some customer invoices to enter on sage that have a card fee attached, for example:
Invoice sub total £196
VAT £39.20
TOTAL £235.230
Card Fee £8.11
Total received £243.31
What is the best way to enter this?
I am quite new to sage so struggling a bit!
Any help be appreciated.
Many thanks.
Amy
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Credit card/debit card transactions
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- User
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- Sage Version: v2014 20 UK/Europe/Africa
- brucedenney
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- Sage Version: v28 UK/Europe/Africa
Re: Credit card/debit card transactions
Invoice sub total £196
VAT £39.20
TOTAL £235.230
Card Fee £8.11
Total received £243.31
Do an invoice a credit and a receipts
assuming the invoice goes to 4000
the card fee to 7901and has no VAT
The money came to 1200
the transactions would be something like this.
SI CUSTOMER DATE 4000 196.00 T1 39.20
SC CUSTOMER DATE 7901 8.11 T0 0.00
SR CUSTOMER DATE 1200 243.31 T9 0,00
Having said that, if this is a Card provider and you have a many of these transactions, you can do it a different/better way.
Setup a bank account for the card provider eq 1205 AMEX.
You Invoice the Customer
receive the full amount against the Credit Card Provider Bank account 1205.
You transfer the money from the Card Provider 1205 to the bank 1200 (This could cover several transactions less the fees)
You bank reconcile the provider account matching the received amounts against the amount transferred
You enter an adjustment bank payment for the card fees (for all the transactions) and post that against 7901
It is in some ways more long winded, however, but it is easier in the long run, because it is more transparent and handles not just fees but the consolidation of multiple receipts into one receipt.
If long term there will be more of these then do it the second way, if these are rare then do it the first!
VAT £39.20
TOTAL £235.230
Card Fee £8.11
Total received £243.31
Do an invoice a credit and a receipts
assuming the invoice goes to 4000
the card fee to 7901and has no VAT
The money came to 1200
the transactions would be something like this.
SI CUSTOMER DATE 4000 196.00 T1 39.20
SC CUSTOMER DATE 7901 8.11 T0 0.00
SR CUSTOMER DATE 1200 243.31 T9 0,00
Having said that, if this is a Card provider and you have a many of these transactions, you can do it a different/better way.
Setup a bank account for the card provider eq 1205 AMEX.
You Invoice the Customer
receive the full amount against the Credit Card Provider Bank account 1205.
You transfer the money from the Card Provider 1205 to the bank 1200 (This could cover several transactions less the fees)
You bank reconcile the provider account matching the received amounts against the amount transferred
You enter an adjustment bank payment for the card fees (for all the transactions) and post that against 7901
It is in some ways more long winded, however, but it is easier in the long run, because it is more transparent and handles not just fees but the consolidation of multiple receipts into one receipt.
If long term there will be more of these then do it the second way, if these are rare then do it the first!
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.
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- User
- Posts: 3
- Joined: 01 Sep 2017, 10:08
- Sage Version: v2014 20 UK/Europe/Africa
Re: Credit card/debit card transactions
Hi Bruce
Thank you for the detailed explanation, I will give it a go!
All the best Amy
Thank you for the detailed explanation, I will give it a go!
All the best Amy
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