Self-Employed.....Card Machine

[Cathie!]

Just wondering if anyone has any therapists/technicians renting space from you who use the salon card machine.

If so how do you reconcile this for your books and for the technician?

Do you reimburse with a cheque minus the fees once the payment has gone into your bank account.....and then record this in your accounts as self-employed person fees paid out?

Obviously as the salon takes cards, clients of the renters will want to use cards, but I'm just wondering what is the best way to deal with reimbursement and reconciling my accounts.

 

[CadenceAlex]

Just reimbursing with a cheque would be fine, so long as you keep all records.

You don't want to pay Tax on someone elses profits!

 

[JDs]

I have a BR salon that has 8 stylists in it. We have a CC machine. Each one of us has our own accounts so when we run a card, we push the button to that stylist and the money is deposited directly into their account.
The machine I have can run to up 22 seperate accounts.

IF and WHEN someone makes a mistake and runs the card in the wrong acct. We take the charges off and then write the other person a check, making sure it is written down on the check what it was for. And when our CC statements come in. I go thru and make notations of any transactions that were not mine but were accidentally deposited in to my account and that I had to refund back.

I use to have one stylist who didn't have enough clients use cards so when she did have a client wanting to use the card, she would run it thru my account and then at the end of the week, we would deduct it from her rent. This included any transaction fees also.

 

[Cathie!]

Thanks guys, that makes things clearer for me!

 

[Tammy BTN]

I work in a salon, alot of my work is hair extensions too.
The salon takes all the money, cash, cards, cheques.
I do a spreadsheet once a week shownng
Date
client name
Service
Client cost
My costs per service (which i don't pay rent on)
Salon rent @ 25%
Vat on salon rent
balance due to me.

I did all the formulas on excel so i just fill in name, costs and my costs and it does the rest for me. I get a cheque for bal to me plus my costs.
x