In certain situations, you may be charged a card processing fee when collecting payment for your invoices. You need to account for transaction fees please follow these steps:
- Tap on the invoice you want to match a payment to
- Tap on ‘Match’ on the invoice details screen
- Tap ‘Find’ to match to a payment
- After matching your payment, you can tap on ‘Add payment processing fee’ to reconcile the invoice
- Enter the payment processing fee amount
- Tap ‘Add fee’
- Your invoice should be marked as paid if there’s no amount remaining
Otherwise, you or your accountant will need to make manual adjustments to the Sales and Financial account.
For example, if you’re not VAT registered and you receive a £97.30 Stripe payment from a customer paying you £100 with a European card, you’ll need to:
- Credit the Sales account of £2.70
- Debit Financial charges account of £2.70
Your accountant can do this if you give them access to your data by using the Countingup Accountant Hub. See how to give them access here.