Accounting for worldpay fees

[Jan]

Can anyone advise me on how to enter worldpay fees into quickbooks.

This is the scenario, I sell reports and programs etc on my web site and people pay via worldpay. So although I charge say £50 for a report I only get £47 (rounded down to make it simple), I don't know whether I should be creating invoices in quickbooks for £50 or £47 and then I'm not sure how the worldpay charges should be entered.

Regards,

[HowardW]

Hi Jan
The usual way to do this is to set up a new bank account called Worldpay.
When you receive notification of payment - enter it as deposited to Worldpay.
When you come to reconcile the Worldpay account, enter the difference - £3 in your example to Bank charrges and transfer the remaining balance to your normal bank account
Regards
Howard

[Jan]

That's sorted then.

Thank you very much for your help Howard.

Regards,

[garyhay]

Thats what we have to do here Jan

[Jan]

Thanks Gary, it seems so logical now I know what to do - I won't tell you how we tried to do it because you will laugh at me.

Regards,