Has any one dealt with StreamLine and/ or got suggestions on how to deal with the transactions and charges on Sage?
For those that don't know about StreamLine, they process credit/ debit card payments and transfer them to the businesses current bank account by bank transfer. The following month they collect their processing fees by bank transfer out of the businesses current account.
What I had thought of doing was creating a StreamLine bank account, debiting the the total value processed from the transaction statement and the doing individual tranfers as per the the bank current account statement.
For the charges, I thought of crediting the StreamLine bank account with the charges as per statement to a nominal code in the 79xx range called Card Processing Fees and then debiting the amount by bank transfer, when the payments are taken by automatic transfer the following month.
This way all transactions are accounted for and the only amount left on the account at month end will be the outstanding charges.
If theres a better way of handling it, I'd appreciate any advise
Cheers Bill
-- Edited by Wella on Saturday 20th of February 2010 01:52:50 PM
-- Edited by Wella on Saturday 20th of February 2010 02:32:02 PM
Your way works fine and there is a very clear audit trail, however being a 'pragmatic' bookkeeper and one who rather likes the path of least resistance I tend to work with just the one bank and therefore only have the one bank to reconcile. Assuming that the transactions are cash sales and no invoice has been raised, I would treat them as bank receipts as they occur or even by making adjustments during the bank reconciliation(in which case make sure the correct vat code is used if vat registered), I would also pick up the charges at this point too.
Sorry I can't offer a better solution as that is the way I used to do it.
It is sometimes simpler if the credit/debit card receipts are credited directly to the bank account and then the card charges are charged separately once per month by the bank.
I agree, just stick to one bank a/c. Streamline always send a monthly invoice (with vat) & I just process these through the bank as theyre usually taken by direct debit.. So money in & money out of the same current a/c.
Hi Bill, at work we have a streamline system, what I do is record all the card machine receipts in the cash book, then reconcile them to the bank once they have hit the bank. (which there is just one bank a/c) then I post them against the invoice on the cash a/c or ledger a/c whichever one it relates to.
Each month when I receive the streamline charges I post this as a normal supplier invoice and post as an expense in the 7***, can't remember the number off the top of my head, but I think it is somewhere within bank charges section.
