How to record Accounts when using a service like Sumup or iZettle

[Ritchiec80]

As part of my business I send a lot of invoices that are often paid in 2 parts, currently I use First Data for card payments which means that when someone pays their invoice via card the full amount is paid into my account so I can add it to the invoice via Quickbooks, the fees are taken monthly on all card sales.

I'm looking to switch to either iZettle or Sumup but these companies take their transaction fee before they pay you you meaning if I take £100 they might pay me £97.50 or something like that, my question is how can I track this as if I add that against the invoice it will show as £2.50 being outstanding.

How can I track this to keep the tax man happy and avoid confusion on who owes what.

 

[Spur Support Services]

Look for integration facilities in Quickbooks.
iZettle has a direct integration, but I don't think Sumup does.

With Sumup, look at what data you can extract and perhaps generate your own integration facility.

Whilst I don't support Quickbooks, I have put in place similar using Xero.
If you find an accountant with Quickbooks expertise, then they may be able to assist further.

 

[Paul Kelly ICHYB]

Treat the payment in as full - do not initially record the 'short' payment.

On a monthly basis, record the total monthly cost of those transactions with the processor being a supplier!