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Where Taxpayers and Advisers Meet

Recording transaction fees

id5d
Posts:3
Joined:Wed Jul 20, 2016 9:32 pm
Recording transaction fees

Postby id5d » Tue Mar 27, 2018 7:23 pm

Quick question.

I've just had my first ever credit card payment via Stripe.
Payment is for £11.25 but after Stripe have taken their fee it'll be £10.89 when it hits my bank account.

How do I record this in my records?
Can I just put £10.89 income?
Do I have to put £11.25 then put the difference as an expense?

While the latter is more thorough, Simply recording the money that actually gets to me as income would be a whole lot easier for my particular needs.

wamstax
Posts:2019
Joined:Wed Aug 06, 2008 3:39 pm
Location:Operate Nationally but based in Aberdeen
Contact:

Re: Recording transaction fees

Postby wamstax » Tue Mar 27, 2018 7:31 pm

Unfortunately my view would that you would have to record the gross sale and then also record as an expense the fees charged by the cc company
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact (mob 07751720507) can be obtained from websites

id5d
Posts:3
Joined:Wed Jul 20, 2016 9:32 pm

Re: Recording transaction fees

Postby id5d » Tue Mar 27, 2018 8:02 pm

Unfortunately my view would that you would have to record the gross sale and then also record as an expense the fees charged by the cc company
I thought that would be the most precise measurement. However, As I'm starting out I'm looking to be consistent, and I'll want to try out one of the automated services later in the year.

It's hard to know exactly how good they are until you actually try them, but from the looks of it a lot of them rely on plugging into your bank account and suggesting it's easy as easy as just tagging the entries.
So they're only going to see the raw cash coming in and not the gross.


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