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Thread: Processing Yoco Card Transactions in Pastel

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    Question Processing Yoco Card Transactions in Pastel

    Hi Guys,

    Please assist...

    We used to use a Capitec Card Machine for card payments. The client's card was swiped, and 2 days later the funds appeared in our bank account. I then allocate this payment straight to the client's account as a payment. At the end of the month, the fees and commissions were deducted once off for the transactions done that month, which I used to capture against the relevant expense account.

    We have however cancelled the Capitec Card Machine, and acquired a new Yoco card machine. Yoco deducts their fee off every transaction BEFORE the payout. (For example, the client swipes for R2500.00, and R2415.19 is transferred to our account 2 days later.

    If I allocate the R2415.19 to the client's account as a payment, there will obviously be a R84.81 balance.

    What would be the right way to capture the above?

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    Diamond Member Neville Bailey's Avatar
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    I would capture the R2500.00 in the cashbook receipts journal and allocate it to the customer account. Then capture the R84.81 as a negative amount in the cashbook receipts journal (using the same reference), and allocate it to the relevant expense account.

    By doing it as above, the common reference will consolidate the two entries into a single receipt amount of R2415.19 when you do your bank reconciliation, and when you run your cashbook detailed ledger, so that it corresponds to what you see on your bank statement.
    Neville Bailey - Pastel Accounting Consultant
    neville@accountingsoftwaresupport.co.za
    www.accountingsoftwaresupport.co.za
    IronTree Online Solutions

    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

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    Hi Neville,

    Always happy to see your name in a thread, because I know your answer is always the solution

    Thank you so much!

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    Full Member Xplosiv's Avatar
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    Would this work the same way in Sage?

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