There are a variety of online payment systems such as Stripe, iZettle, Paypoint, Paypal, Worldpay etc. To account for transactions via these online payment systems you will need to create an Internet payments bank account.
This guide helps explain how to allocate money to invoices, explain payment fees and money paid into your business bank account as transfers using the manage money options. The Internet payments bank account acts as a control account.
As an alternative to using the manage money options, you can import a statement, taken from the online payment system.
Navigate to Money > Bank accounts and click on the Add account button.
Click on the Add link beside the Internet payments account type.
Fill in the details of the payment service account and hit the Save button.
Next, you can start paying off your invoices using the manage money options
To do this navigate to Money > Bank accounts and click on the Money in link beside your Internet payments account.
Fill in the details of the payment(s) received and hit the Explain money in button.
On the bank explain menu, select the customer and click on the Allocate to existing invoice button.
Repeat this step if you need to allocate the payment to multiple invoices. Once complete, a table should list all the invoices the payment is being allocated to, click on the Add transaction button to complete.
If you have an online payment system fee included in the payment, before processing the above you will need to account for the fee by adjusting the Amount box to the fee amount (as a negative) and filling in the transaction form appropriately. Click on the Add transaction button to add the fee, and you will then be able to allocate the remaining amount to the outstanding invoices as explained above.
To record the online payment system fee as a separate transaction head back to the Money > Bank accounts menu and click on the Money out link beside your internet payment account.
Fill in the details of the fee and hit the Explain money out button.
On the bank explain menu, fill in the details of the transaction form appropriately and hit the Add new transaction button.
To record the amount you actually receive from the online payment service head back to the Money > Bank accounts menu and click on the Money out link beside your internet payment account.
Fill in the details of the net payment received into your business account and hit the Transfer money button.
On the bank explain menu, select your business account in the Transfer to drop down box, and hit the Confirm transaction button.
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