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enquiries-twcthe
Level 1

75% of my revenue is via Go Cardless payments. I create a sales receipt for each customer as payment is already made, no invoice. is this the correct method to use?

My turnover is reading double what it should. I can only think that quickbooks is adding all the sales recipts as new turnover, in addition to the linked bank account. how would i rectify this if this is right?
6 REPLIES 6
Kristine Mae
Moderator

75% of my revenue is via Go Cardless payments. I create a sales receipt for each customer as payment is already made, no invoice. is this the correct method to use?

Let me help you rectify your issue, Enquiries-twcthe.

 

You're already on the right path to create a sales receipt since the customer paid on the spot for goods and services.
 

Concerning the double reading, it looks like you're adding the downloaded transaction. You'll have to match it to the sales receipt instead to avoid duplicate transactions.
 

First, you'll have to undo the transaction so it will go back into the For review tab. Then, match the payment to the sales receipt. 

 

If you need something else, feel free to get in touch with us. We'll reply as soon as we can. Keep safe!

enquiries-twcthe
Level 1

75% of my revenue is via Go Cardless payments. I create a sales receipt for each customer as payment is already made, no invoice. is this the correct method to use?

thank you for you reassurance. I have started to match up those transactions. however I am a little stuck as I charge my customer say £20 but go cardless already deducts their 0.50p by the time its deposited into my bank. So how would I document the full sale value of £20? The only way I seem to be able to match is if I deduct the go cardless fee manually

ShiellaGraceA
QuickBooks Team

75% of my revenue is via Go Cardless payments. I create a sales receipt for each customer as payment is already made, no invoice. is this the correct method to use?

Thanks for getting back to us, @enquiries-twcthe.

 

Let me share some information about recording the £20 customer charge. You can receive the customer payment on the invoice along with the £20. Then, deposit the payment. From there, enter the -0.50£ using your Go Cardless fee account. This will make your bank deposit the total amount of 19.5£.

 

Let me walk you through how to do it:

 

  1. Go to +New.
  2. Choose Receive payment.
  3. Make sure to select the Undeposited Funds in the Deposit to drop-down.
  4. Enter the £20 in the Amount received section. Make sure it's also posted in the Payment section.
  5. Click Save and close. See the image below.

 

 

 

After that make a bank deposit. Here's how:

 

  1. Go to +New.
  2. Choose Bank deposit under Other.
  3. Under Select the payments included in this deposit, tick the invoice.
  4. Under Add funds to this deposit, select your Go Cardless fee account.
  5. Enter the fee as negative amount to bring up the correct Total amount.
  6. Click Save and close. See the attached image below.

 

 

 

 

With the above steps, you're able to record your customer charge and match your downloaded transactions with QuickBooks.

 

Refer to these articles for details:

 

 

Keep me posted if you have follow-up questions or concerns with Go Cardless transactions. I'll be around to help. Have a wonderful weekend ahead.

 

 

enquiries-twcthe
Level 1

75% of my revenue is via Go Cardless payments. I create a sales receipt for each customer as payment is already made, no invoice. is this the correct method to use?

your amazing thank you. I will have to wait until next week to confirm I have the correct procedure in place. I think it may of solved the issue I have though

enquiries-twcthe
Level 1

75% of my revenue is via Go Cardless payments. I create a sales receipt for each customer as payment is already made, no invoice. is this the correct method to use?

I have managed to finally add the processing fees and match up thank you. However this only works when creating an invoice not a sales receipt, is that correct?  Is there a way for quickbooks to automatically calculate the go cardless processing fee or do I need to enter it every time. it seems to be a very tedious way of doing things. 

 

I have made a dogs dinner of my accounts in this learning process :-). I am trying to delete some sales receipts and invoices where I have made undeposited submissions. I am unable to delete them from the invoice/sales receipt tab under delete. I cannot delete them from the undeposited section on the chart of accounts either, nor the audit trail. I have a 'popup' in red saying: "this transaction has been deposited. you must edit -delete the deposit it appears on and remove it first". Is it possible for you to guide me on how I can locate and delete these transactions?

Giovann_G
Moderator

75% of my revenue is via Go Cardless payments. I create a sales receipt for each customer as payment is already made, no invoice. is this the correct method to use?

I can share additional information about this, enquiries-twcthe.

 

Yes. you're correct. You can add the processing fee by creating an invoice. Also, there isn't a way to automate it since it has to be done manually.

 

On the other hand, you must delete the bank deposit first if it's linked to a sales receipt or invoice. I'll show you how to do it.

 

  1. Go to the Accounting menu, then Chart of accounts.
  2. Locate the bank account.
  3. In the Action column, click the Account history link to view transactions.
  4. Find the bank deposit. You should see the name of your customer and below is the Undeposited Funds account where the transaction is coming from.
  5. Click on that transaction and choose Delete.
  6. Hit Yes to confirm.

 

Once done, you can now delete the sales receipt or invoice by going back to the Sales menu.

 

In addition, I've added this helpful material to help ensure that transactions are recorded in the correct account: Categorise and match online bank transactions in QuickBooks Online.

 

Feel free to drop a comment below if you need further assistance managing your account. We're always here to help you.

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