I have a supplier that I pay using moneybooker (Skrill)
I transfer funds from my personal account to Moneybooker and get charged a fee
I then transfer the money to my suppliers moneybooker's account
Whats the best was to enter this as "capital introduced" and enter the moneybooker fee?
I take it that it is best to have a bank account named "moneybooker"?
Sorry for all the questions, just getting into Solar and bookkeeping as I can't afford a bookkeeper yet.
Hi Tony,
Yes, create a Moneybooker asset account and treat it the same as a bank account. If you are self-employed (not a limited company) and you add your personal funds, create a General Transaction from the 'Owners Drawings and Personal Use' account to the 'Cheque Account'. To record the moneybooker fee create a Money Paid Out transaction paid from the Moneybooker asset account and allocated to the Bank Fees account (or create a new expense account). To record the payment to your supplier add create another Money Paid Out transaction paid from the Moneybooker account.
Cheers,
