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Handling Izettle and cash receipts on one invoice.

I take Izettle payments at my market stall and create a single invoice for that  market date. Obviously I'm also taking cash payments as well, so how can I manage both on each Market invoice and at the same time record an expenditure for the 1.75% fee I pay for each card transaction? If possible, I'd like to be able to use online banking to match the net Izettle deposits to each invoice I raise for each market.

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Best answer 09-09-2019

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QuickBooks Team

Re: Handling Izettle and cash receipts on one invoice.

Hi Theocor

 

You will have to create two separate sales receipts, one relating to your daily cash sales and the other to your Izettle, you will also have to create a product for both cash and for Izette. 

You will allocate the the Izettle sales receipt to the undeposited funds account rather than you bank account > then when you receive the net amount minus the fees, create a bank deposit to your bank account and the relevant date > add funds to the deposit, in the category column select/create a fees account and in the amount column enter a the fees that were taken from by the 3rd party in a minus figure, save and close, you will be able to match this amount to the net amount that appears on your for review page.

In relation to your cash payments sales receipt, if you take the cash amounts and deposit them to your bank at a later date, follow the steps above, or if you are keeping them in a cash account allocate the payments to a cash account instead of the undeposited funds account.

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1 REPLY 1
Highlighted
QuickBooks Team

Re: Handling Izettle and cash receipts on one invoice.

Hi Theocor

 

You will have to create two separate sales receipts, one relating to your daily cash sales and the other to your Izettle, you will also have to create a product for both cash and for Izette. 

You will allocate the the Izettle sales receipt to the undeposited funds account rather than you bank account > then when you receive the net amount minus the fees, create a bank deposit to your bank account and the relevant date > add funds to the deposit, in the category column select/create a fees account and in the amount column enter a the fees that were taken from by the 3rd party in a minus figure, save and close, you will be able to match this amount to the net amount that appears on your for review page.

In relation to your cash payments sales receipt, if you take the cash amounts and deposit them to your bank at a later date, follow the steps above, or if you are keeping them in a cash account allocate the payments to a cash account instead of the undeposited funds account.

View solution in original post