Skip to main content
N
NeilC1
June 13, 2019
Solved

I already use Gocardless, I need a complete breakdown of Gross,net, etc for VAT purposes should I connect to QB or will this screw up my accounts and make double entries?

  • June 13, 2019
  • 1 reply
  • 0 views
Original commenter did not share additional details
Best answer by payment after leaving

Hi NeilC1

 

To account for the GoCardless fees relating to the transactions you have already added to QuickBooks, you will have to save the payments of the invoices to the undeposited funds account > create a bank deposit > select the invoice payment/s relating to the net amount you have received into your bank > in the add funds to this deposit section/account column select/create a GoCardless fee account  and enter in the amount column in a minus figure the amount of the fee taken by GoCardless. When you select save and close the net amount will then be populated in the bank account and you will then be able to match the amount in the for review section of your banking page.

When you then add the GoCardless app QuickBooks will undertake the above automatically but only from the point of connection onwards.

1 reply

JessT
JessT
June 13, 2019

Hi NeilC1,


Connecting GoCardless will not double your entries. This will let you import your mandates and collect payments using it. Here's an article about integrating GoCardless for your reference: GoCardless Welcome Guide.

 

If you’ve received payments using GoCardless before and they were posted to your bank, you can also connect your bank account to QuickBooks. This will let you match your bank transactions to your invoices or directly add them to your bank register if they are not in QuickBooks yet. Then, you can generate reports to get your Gross sales, net amount, etc.

 

Before we talk about reports, I'd like to ask a few questions. Do you have transactions in QuickBooks already? Are you assigning VAT to your transactions? Please add more details about your current setup and we'll start from there. Thanks in advance.

N
NeilC1Author
June 13, 2019

Hi Thank you.

 

Yes I have transactions in quickbooks already.

 

Yes I have assigned VAT to the transactions.

 

However the VAT figure is not quite correct as Gocardless do not pay the full amount into my bank account. They remove their fee before it enters my Bank Account, therefore the VAT figure is always going to be wrong on entries made in Quickbooks (Does that make sense?)

If I add Gocardless and Stripe apps to my quickbooks account will it pick up the whole transaction including any fees taken by Gocardless or Stripe?

P
payment after leavingAnswer
June 13, 2019

Hi NeilC1

 

To account for the GoCardless fees relating to the transactions you have already added to QuickBooks, you will have to save the payments of the invoices to the undeposited funds account > create a bank deposit > select the invoice payment/s relating to the net amount you have received into your bank > in the add funds to this deposit section/account column select/create a GoCardless fee account  and enter in the amount column in a minus figure the amount of the fee taken by GoCardless. When you select save and close the net amount will then be populated in the bank account and you will then be able to match the amount in the for review section of your banking page.

When you then add the GoCardless app QuickBooks will undertake the above automatically but only from the point of connection onwards.

Terms & ConditionsAccessibility statement