Query with accounts

[lancashirelass]

I am wondering if someone can help me. I have had a credit card machine for a few months and when I take a credit/debit card payments I normally bank the money on a daily basis from the machine to the merchant and then they credit the amounts to my bank account less there charges the following week. So my confusion is on my daily takings it could as an eg: £480 via credit and debit cards but when the £480 has had the charges deducted from the amounts of what they charge for me having the machine it might be eg: £450. I am unsure what to do and what to put down in my accounts. Do I just wait until the credit goes into my bank account and then put down the amount for that day that the credit goes into my bank from the terminal or do I put down the £480 less the deductions of what merchant has charged me. I am totally confused can somebody help me out.
I hope I have made it simple to understand.
Thanks

 

[angelina221]

They should send you a bill every month detailing all transactions and their fees.
I would put the £480 down and then deduct their fees when you fill in your outgoings.

 

[lancashirelass]

Yep they do send me a monthly statement stating what payments where took on days of the month and when I banked them via the terminal etc. Since getting this machine I have been putting my accounts off as before it was simple and now I find it a little confusing.

 

[-sophisticutz-]

Hi,

I normally record mine on the day I took the card payment on my daily takings and then put the card amounts in my weekly banking column. My accountant seems okay with this.

Hope that helps!

 

[hannah85]

Hi
I'm a qualified bookkeeper as well as beauty therapist.
You should enter the total takings ie £480 in you sales column and in your expenses column enter the charges ie £30 in bank charges column. This ensures you can see your overall income and expenses.
eg: Income = £480 Sales = £480 Bank charges = £30
The same should be done for discounted treatments but you should record the exact amount you actually received, then enter into sales column the original price, then enter in the discounts column (expense) the discounted amount.
eg: Income = £15 Sales £20 Discount = £5
Hope this helps,
Hannah x