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I have a problem that I hope someone will have come across and know how to deal with.
One of my clients receives much of their sales income via Merchant Services – (GoCardless, Stripe Pay and Intuit Pay).
The Merchant Services pay into the bank almost daily, which - to take full advantage of the bank feed system on QuickBooks Online (QBO), I’m able to ‘process’ this income by recording it as ‘Sales’ at that point. The client has all the records of the sales breakdown in his CRM system, which sends the client a receipt for payment at POS. He’s not yet VAT registered so there’s no complications there.
Where I hit a problem is when the odd client here and there requests an invoice. This invoice (or sales receipt) is raised in QBO. The payment has already been received via, say GoCardless – minus the fees, and recorded in QBO - possibly in amongst other amounts received, so can’t be separated out.
Just for the record - I’m doing a monthly journal to ensure the fee’s for the merchant services are recorded as expenses correctly, and that the same amount is also added back in to the sales figures, so that the sales figures aren’t under stated. I’m using a ‘contra’ bank account to facilitate this.
Can anyone suggest a quick and simple way of showing where the paid money is for these requested sales receipts? I wondered about ‘paying’ them via the contra bank account, then journaling any balance in this account at the end of the month back to sales, to deduct it from the ‘doubling’ up, but there must be an easier way that I’m just not seeing……….is there?????
Carol
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- Member PM.Dip
- Practice Licence
- 38 posts
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Hi Carol
Seens like one for the QBO Help Desk.
Dave
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Hi Carol
the best way that I have come across is where fornthe sales you issue and invoice and then when the payment comes in it can be matched with the invoice,
Kind regards
Paula Welsh
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Dave - thank you very much for your reply, however, I don't think it's something the QBO helpdesk will be able to help with as it's a bookkeeping issue, not a software issue.
Paula - thank you for your answer too - however, the payment for this comes in first, and is amongst other payments and a different amount to the invoice. For example, the customer pays, via the GoCardless system, for services costing £100. GoCardless take their cut, so pay my client £98.00 after fees. The payment my client receives in his bank is perhaps £980, as this £98 is part of 10 other £98's from clients that have also been charged £100.
The amount of £980, plus £20 fees is entered into QBO as sales in one lump amount. So if a client then wants a receipted invoice, if this is raised in the software, unless it's deleted again afterwards, it will double up on the sales figure. So is the answer to journal 'out' this customers payment, or is there another way it could be dealt with?
I hope that clarifies the problem a little more.
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Hi Carol,
I don't use QB so can't help you there.
However, if these requests for receipted invoices are not a regular thing why not just raise a manual invoice in e.g. excel?
Marilyn
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Hi Carol.
I don't know if it helps at all because I havnt yet downloaded my bank account to quickbooks online so don't get the feeds, but I use Go Cardless and i just set up a Bank account that I call Go Cardless, the customer payment them comes in to pay the invoice, and I transfer from the Go-Cardless account to the main bank, and also have an account for the fees. Is their maybe a go-cardless link for quickbooks on line, which if their was may do it automatically and link it to the invoice?
I had thought of downloading my bank, but if it makes go cardless difficult, I may not, as i use go cardless all the time. Sorry I cant be more help but i'd luv to know the answer when you find it.
kind regards and very best wishes
Lainy
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Hi Carol.
I don't know if it helps at all because I havnt yet downloaded my bank account to quickbooks online so don't get the feeds, but I use Go Cardless and i just set up a Bank account that I call Go Cardless, the customer payment them comes in to pay the invoice, and I transfer from the Go-Cardless account to the main bank, and also have an account for the fees. Is their maybe a go-cardless link for quickbooks on line, which if their was may do it automatically and link it to the invoice?
I had thought of downloading my bank, but if it makes go cardless difficult, I may not, as i use go cardless all the time. Sorry I cant be more help but i'd luv to know the answer when you find it.
kind regards and very best wishes
Lainy
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I use Xero, but the principle is the same. I first generate the client invoice, this is just a recurring invoice because of how my fees are. Then I import the GoCardless statement. I can match off the total amount to the invoices, and send the fees to an expense account. I then just match the go cardless payment with the bank account.
It's a bit longer, but allows me to assign payments to clients.
Kris
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- Member
- Practice Licence
- 106 posts
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Lady of Ledger said:
“
Where I hit a problem is when the odd client here and there requests an invoice. This invoice (or sales receipt) is raised in QBO. The payment has already been received via, say GoCardless – minus the fees, and recorded in QBO - possibly in amongst other amounts received, so can’t be separated out.
Carol
”
Carol,
As I read you question, I think people are missing the point; you are being asked to raise an invoice after a generic bank deposit, and therefore payment, has been made?
You can create a customer, raise an invoice, and then make a journal adjustment against invoice/payment. This will zero the debtor account balance, but it will not clear the invoice and you will forever have 'outstanding' invoices.
You could raise an invoice, and then a credit note against that invoice. This will zero the debtor account balance, but historically you won't know whether the invoice was paid or cancelled (I suppose you could notate the invoice/CN).
Least favourable option; delete the deposit (via the nominal list), raise an invoice, recreate the bank deposit and apply an individual payment to the customer invoice.
When you post the 'payment received' in QB, does it go directly into the bank account, or do you use the 'record a deposit' facility? I'm wondering if there is an answer using this method?
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Wilbur said:
“
Lady of Ledger said:
“
Where I hit a problem is when the odd client here and there requests an invoice. This invoice (or sales receipt) is raised in QBO. The payment has already been received via, say GoCardless – minus the fees, and recorded in QBO - possibly in amongst other amounts received, so can’t be separated out.
Carol
”
Carol,
As I read you question, I think people are missing the point; you are being asked to raise an invoice after a generic bank deposit, and therefore payment, has been made?
You can create a customer, raise an invoice, and then make a journal adjustment against invoice/payment. This will zero the debtor account balance, but it will not clear the invoice and you will forever have 'outstanding' invoices.
You could raise an invoice, and then a credit note against that invoice. This will zero the debtor account balance, but historically you won't know whether the invoice was paid or cancelled (I suppose you could notate the invoice/CN).
Least favourable option; delete the deposit (via the nominal list), raise an invoice, recreate the bank deposit and apply an individual payment to the customer invoice.
When you post the 'payment received' in QB, does it go directly into the bank account, or do you use the 'record a deposit' facility? I'm wondering if there is an answer using this method?
”
Now I know why I only use Xero. Can't believe quickbooks is so cumbersome, for what is a relatively simple transcation.
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Thank you everyone, for your replies.
Vip - it's certainly not a problem with QuickBooks - QuickBooks is an excellent package and the problem I have would be the same in any package.
Wilbur - yes you're correct in that many have missed the point. The payment received goes straight into the bank via the bank feed - the client 'adds' the receipt in as sales, then in this situation, the clients customer asks for a detailed receipt, so the client raises an invoice to send to their customer (in this software) - leaving the invoice looking as though it's not paid.............but it is!
I think it would be easiest to 'receive' the payment for the invoice into the dummy 'GoCardless bank account to clear it from debtors, and journal it at the end of the month (as there may be 2 or 3 of these each month) by crediting the GoCardless bank and debiting sales, thereby removing the 'doubling up' to sales and zero-ing the GoCardless Bank account.
Elaine - I have another client that raises his invoices to clients within the software, then accepts the payment by sending this to the GoCardless 'bank' account, then I transfer the 'actual' GoCardless amount to the real bank etc in the same way that you describe - and this works fine, but with this client that I'm talking about here, he doesn't raise customer invoices as a rule, so the GoCardless amount received is a 'bunch' of daily sales at net GoCardless value. So when just one of these clients customers asks for a detailed invoice - and my client then goes ahead and creates this in the software, it becomes a problem as to what to do with it, as it's doubled up the sales and looks as though it's an invoice that needs payment received!
Marilyn - you might have a point............if only I could educate my client!! Maybe I should try harder!
Kris - thanks for your reply too - but again, invoices aren't raised for the sales amounts received as a rule within this software, so this isn't an option.
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