Sales invoices paid by card, recording of receipts

If you have signed a contract with a card payment solutions provider, you will also need to make some additional settings in the SimplBooks software to ensure everything works smoothly. This guide is one possible approach.

Advice This guide uses Maksekeskus (Payment Center) as an example, but the solution works on the same principle for all card payment service providers.

First, you need to set up the financial accounts to be used. Since money from Maksekeskus arrives in the company’s account with some delay, it would be good to keep the receivable from Maksekeskus on a separate balance sheet account. The chart of accounts includes account 1030 Money in transit, which can be used, or you can create a separate account such as 1029 or 1031 Awaiting receipt from the Payment Center. Check that the created account is reflected in the balance sheet settings and update the settings if necessary. Next, decide whether to record the service fee on the same account as bank services (5350) or create a separate service fee account (in the 5xxx series).

1. Settings -> Bank accounts and cash registers

Once the accounts are set, go to Settings -> Bank accounts and cash registers, click the New account or cash register button, and fill in the details.

1. Type – Bank account
2. and 5. Name and Bank name – enter Maksekeskus AS (i.e., your service provider) in both fields
3. Active – the active button must be enabled to mark an invoice as paid
4. Show on documents – option must be disabled to prevent this account from appearing on sales invoices.
6. Financial account – select 1030 Money in transit or your created account (in this example, 1029 Awaiting receipt from the Payment Center)
6. Description – you can add a more detailed explanation, but it is not mandatory
7. Save – to save or Cancel to discard changes

2. Sales invoice and marking as paid
Create the sales invoice as usual, and to ensure that this invoice is recorded as an amount pending receipt in the balance sheet rather than as a receivable from the buyer in the sales ledger, mark the invoice as paid. Select Mark as paid from the Actions menu on the sales invoice, use the invoice date as the date, and choose the previously created Maksekeskus from the Account or cash register selection.

 

After recording the receipt, you can check the balance sheet or the account ledger to ensure that the amount is correctly recorded.

3. Receipt of money in the bank from Maksekeskus
When money is received in the bank account, it should be recorded as a financial transaction. You can manually enter it by going to Accounting -> Transactions -> New transaction or during a bank import process -> selecting Financial transaction as the transaction type, which will open the usual transaction entry view.

Accounts in the transaction:
Debit 102x Bank account
Credit 10xx Awaiting receipt from the Payment Center

Maksekeskus will deduct its service fee from the amount received in the bank account, so the account related to the receipt from Maksekeskus will not be zeroed out yet. The remaining amount should stay pending in the account to cover the service fees.

4. Maksekeskus service fee invoice and marking as paid
Maksekeskus will also issue an invoice for its service fees. Enter this as a regular purchase invoice, using either account 5350 Bank services or your created expense account as the expense account. Mark the invoice as paid through the Actions menu, using the invoice date as the date and selecting Maksekeskus again from the Account or Cash register.

By recording this payment, the balance sheet account related to Maksekeskus should reach zero (unless new transactions have occurred in the meantime).

Advice If the service provider does not issue a separate invoice for service fees and this information is reflected in the receipt data, then record the service fee according to the receipt report in the transaction entry. The service provider will send you the transaction report via email or you can find it in the service provider’s online portal. If it is difficult to find, ask the service provider for assistance in locating the report.

For additional questions, please contact us support@simplbooks.ee .


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