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Record sales when a marketplace or platform deducts its fees

Created on  | Last modified on 

Summary

How to record payment processor fees, like Etsy, eBay, Stripe, or SumUp, in Sage Sole Trader.

Description

You need two figures from the platform, not only the amount that reaches your bank:

  • The total sales, which is the full amount your customers paid
  • The total fees the platform charged

Find these figures in the platform's own reports.

EXAMPLE:

Use your Etsy payment account, Etsy monthly statement, or your Stripe or SumUp dashboard.

If the payment arrives through your bank feed, the imported draft transaction only shows the net amount deposited into your account. You can't edit the imported draft transaction to change the amount.

To record the correct turnover and fee values, delete the draft transaction and recreate the entries manually.

Resolution

Delete the draft transaction

  1. Go to Transactions.
  2. Select Draft.
  3. Find the imported bank feed transaction.
  4. Delete the draft transaction.

Create a transaction for the full sale value

  1. Create a new Money in transaction.
  2. Enter the full amount paid by your customer before any fees were deducted.
  3. Categorise the transaction as Turnover.
  4. Save the transaction.

Create a transaction for the fee

  1. Create a new Money out transaction.
  2. Enter the fee amount deducted by the marketplace or payment platform.
  3. Categorise the transaction as Bank, credit card, and other finance costs.
  4. Save the transaction.

TIP:

Keep a record of individual transactions in your marketplace or payment platform. This helps you match batched payouts to the correct sales and fee totals.