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SimonDV

Recording on-line sales

SUGGESTED
Posted By

I sell products on-line.

Once a customer makes a purchase the website sends the money to Stripe (I understand that this is quite normal). Stripe process the payment and take a handling fee. About 1 week later Stripe deposits money into the company bank account.

Example: A customer purchase a product for £25. The money leaves their account and I send them the product thus fulfilling the order. The funds have gone into a Stripe account. Stripe remove their portion and transfer the remainder to my company account. Stripe do send me a monthly tax invoice to show how much they took as a processing fee.

I need to know how to record that transaction in Sage 50 Cloud.

Any advice?

  • 0
    SUGGESTED

    I believe it to be 3 transactions  but I'm sure someone will correct me if not.

    1) Create invoices for each sale at full value 

    2) Bank receipt of said invoices when Stripe pay you and make the invoices paid in full on the date of the Stripe transaction

    3) Make a Bank Payment to your Stripe Charges nominal account for the amount charged dated the same day as the Bank receipt.

    These last 2 transactions should then equate to the amount Stripe paid into your bank account.

  • 0 in reply to Ken Starnes

    Hi Ken,

    That answer makes good sense until it comes time to reconcile.

    The bank account will never have seen the full value. I suppose I could relate the funds received in the bank with an incoming and outgoing payment so they would tally. It would work but I can't help but think there might be a less clunky method.

    That said, I will use your suggestion until something better is suggested (assuming better exists).

    Thanks for your help.

  • 0 in reply to SimonDV
    SimonDV said:
    The bank account will never have seen the full value

    That's why you do the bank receipt (at full value) and the bank payment on the same day and date. You have to select both to equate to the amount received from Stripe when reconciling the bank account.

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