Accounting for Merchant Fees

Izzy

I have let an apartment for a weekend on a holiday let for guest. I let them stay for 200 total. When tripadvisor paid me they gave me 170 (i.e less their fee). I would like to record all the figures here so I track how much is going to Tripadvisor. I invoiced 200 but only received 170 in the bank.

1. How do I create a charge that will account for the 30?
2. How can I ensure the payment in the Bank Account matched a split payment on the invoice?

Guest Payment - 200
Income - 170
Expense - 30

I would love to put in all on the single invoice but I cannot add an expense catergory on an invoice.

Thanks

magicwill

Hello Izzy,
If you've created the invoice in Wave and are also uploading your bank activity into Wave you could run the risk of double booking this income.

When the uploaded payment from TripAdvisor hits your Wave books, you'll need to split the payment. You'll create a line item for $200 and a second for -$30. The two combined equal the $170 of the upload.
You'll then allocate the -$30 (TripAdvisor's fee) to whatever expense account you've set up for merchant processor fees. The $200 will be matched as a payment to clear the invoice.

Izzy

Perfect! Thank you

8Animals

Magicwill...but this wont link the merchant fees etc to any particular invoice?

Alexia

Hi, @8Animals.

I suggested a workflow to another Waver asking the same question more recently. You can find that discussion here.

I hope this helps!