I have started a company offering internet services and the majority of the clients prefer to pay online using credit cards or paypal. This is a bit of a problem when it comes to allocating / balancing payments in pastel because companies like Payfast or Netcash usually deduct service fees from the money they pay into your bank account, an EFT payment towards an invoice is obviously simple.
So I will try and set up a scenario so that you can understand what I am stuck with.
Lets say in this example there are 3 clients, each with a monthly invoice of R100 each who decide to pay using a credit card through PayFast.
At the end of the month they pay their invoices and the payfast statement is imported showing all three people paid R100 each. The payments are allocated to the clients and their account balances are R0.00
A few days later, PayFast transfers the money to the company bank account, but only R290 comes in (R10.00 was service fees for the 3 payments).
This is where I am stuck, because receipts were allocated to the value of R300 but the money that actually comes in is R290
I know I have to create journals for this payment but I just dont know what journals and what accounts to set up.
I have two "bank accounts" created in pastel - one is called Payfast and the other one is FNB. FNB imports statements from actual money that comes into the bank account and PayFast statements show which clients have paid and how much.