Doing accounts when using izettle?

[trixiebellewax]

Hi,

I have just started using izettle and i'm more than a little confused when it comes to adding payments to my accounting book :?:

With izettle, the card transaction fees come out of your payments before they hit your account, rather than them sending you a weekly or monthly bill/statement.
E.G If you take a hundred pounds in card payments on a monday, then on a Thursday, izettle will deposit ninety seven pounds and fifty pence into your account. So theres no transaction on your bank balance to say that you took the hundred, just the deposit from izettle with the fee already taken out.


So do you:

a; put one hundred into your accounting book, and then write separately the amount that izettle has taken?

b; just write in the amount that izettle has deposited and not record the initial one hundred?


c; have a nervous breakdown over it,after spending 2 weeks stressing about it lol.


Sorry if i have rambled on a little bit, hope this makes sense.[FONT=&quot][/FONT]

 

[Lipstick Kisses]

I never even thought about this! Hmm, gonna keep an eye on this!

 

[EmJ]

I use sum up and they send me an email of the charges at the end of the month. I just put that onto my expense sheet

 

[BannerPenguin]

Would have to be the second option as you wouldn't be able to reconcile your bank correctly otherwise. I always get a invoice from my merchant company cardsave so I only pay it end of month and record it as a tax deductible cost.

 

[WilsonBarberCo]

My accountant told me that I should put the money in my books on the date that it hits my account, not necessarily the date that I took the card payments.

For example, if I took £50 in card payments on Monday, I would write this on my daily takings document, but only put it (£49ish) into my accounts when it's hit my bank account, minus the 2%ish fee that Sum Up charge (usually 4 days later, so the Friday).

His reasoning for this is that the money isn't mine until it's in my bank account. Also saves the faff on with taking away 1.95% and balancing the books that way etc. (I use SumUp). Receipt/invoice wise, I get a monthly/weekly/daily statement that I can keep as records.

Hope this helps! X

 

[laura_kate929]

If you go on the app. And click reports you can send your self an email and it will tell you how much you have made and how much they have charged you. Xx

 

[laura_kate929]

 

[BannerPenguin]

View attachment 55944

Not really an adequate invoice though. Specially not if get pulled up by tax man at any point with your books.

I would e-mail them for an invoice if was me.

 

[laura_kate929]

Oh no it's a lot fuller than that I just zoomed in to show u where it says how much you pay cus it's got all my details on. And obviously I don't want them on show to the whole world! Xx

 

[trixiebellewax]

My accountant told me that I should put the money in my books on the date that it hits my account, not necessarily the date that I took the card payments.

For example, if I took £50 in card payments on Monday, I would write this on my daily takings document, but only put it (£49ish) into my accounts when it's hit my bank account, minus the 2%ish fee that Sum Up charge (usually 4 days later, so the Friday).

His reasoning for this is that the money isn't mine until it's in my bank account. Also saves the faff on with taking away 1.95% and balancing the books that way etc. (I use SumUp). Receipt/invoice wise, I get a monthly/weekly/daily statement that I can keep as records.

Hope this helps! X

Hi,
So sorry for the late response as nothing showed up on my phone! :o

So just to confirm, do you mean that if i take £100 on a monday then i put the £100 on mondays takings. Then when the actual cash hits my account on a thursday (this would be £97.25 as the fee is already taken out) I would put that on the daily banking for the Thursday?

Thanks again x