If a business uses a payment gate for on line sales, do the invoice has to be produced for each sale or can I summarize the total in a spreadsheet at the end of each month and just create one monthly invoice in accounting software and then assign all individual payments to this invoice.
If there is away of keeping an itemised report from the gateway account, then I treat them as "day books" and batch total into a single entry. Filing the report with the accounts
I have a client who uses PayPal. Not being that familiar with the reports PayPal produces i took the clients word that the only report available was a transactions report, which only showed the individual totals and fees, so I spent hours entering each transaction
After some research of my own I found out there is a report that lists the individual transactions for the month and totals at the bottom. Cut my work load by half
One of my clients uses sage pay through an online e commerce shop.
For each order placed an email is sent to them which includes the items ordered and the amount paid and an order number. Not all order numbers will be there as some get missed due to cancelled orders or someone closing internet explorer whilst going through the shopping cart process.
What I do is bring up the settlement information for a particular month, match these to the email invoices my client gets for each completed order and list them all out on a spreadsheet and raise one monthly invoice for the lot.
I also match the bankings and refunds in the bank account to the spreadsheet to ensure nothing is missing and post a total of banking and refunds via the customer receipts facility in sage and match to the invoice I raised.
You do need to watch any american express transactions though as the amount paid into the bank is different to what sage pay will tell you as american express deduct a fee!
My client gives me a monthly csv report of all sage pay sales (I have no access to my client's email account), I add up the total on spreadsheet and then raise one monthly invoice, just like you. When a bank statement comes I import it into the accounting software and then assign all payments received from sage pay to the appropriate invoice. Hope that all makes sense... I didn't have any american express transactions yet, but will know how to deal with it now, thank you.
Posting 1 monthly invoice is the easiest option. For american Express, it gives you the charge fee on the bank statement for every transaction, so you will have to account for the charges. Hope this helps.
