hiya , are you familiar with eBay's new managed payments ?
I am not sure how to record the payments, any payments for goods sold on eBay now have the fees taken from us before deposit of the final amount is received direct into our check account. If i invoice the customer the amount they have paid when we receive the money into the bank it doesn't reconcile against the invoice because the fees have been taken .how do we record the fees ? if i allocate the received amount against the invoice it leaves an amount outstanding (fee amount) But the fees have already been paid ? I just cannot work it out
Hi Caroline,
Actually it's pretty common for a financial middle-man to take a cut before
you receive payment of an invoice. The simplest solution is to pretend
that there are two transactions - you received the payment of the invoice
in full, then you paid the commission to eBay. That is, you record two
bank transactions in Solar Accounts (the invoice payment received and the
'bank fee' paid out) whereas on your bank statement there is only one
transaction (the payment received net of fees). You should still be able
to reconcile your bank statement by checking the bank balance figure
matches your bank statement.
