Stripe & Paypal Fees

Stripe & PayPal payments by customers are not remitted to your bank account in full, but are split into a pay-out and a fee, which sum to the customer payment. This can lead to additional work when reconciling Stripe & PayPal transactions in the bank account,.  To assist when dealing with these payments, Woosage now has the option of creating a fee transaction.

Settings

This feature is enabled Woosage50>Settings>Payments by enabling the Add fee option for each Stripe & PayPal payment method (if using multiple currencies there may be a Stripe or PayPal payment methods for each currency).

In Sage, the fee charge account and fee nominal code is specified in  Bank Account>Settings for the bank nominal specified in Woosage50>Settings>Payments for the Stripe & PayPal payment methods, an example of which is shown below.

The Default Charge Account is where Woosage will post the fee transaction as a bank payment (BP) and the nominal code is the fee nominal, in this case credit charges.

Processing

When a Sales Order is completed (despatched) and the invoice is generated by Sage, on the next orders processing cycle Woosage will create a fee transaction on the charge account associated with the bank account configured for Stripe payments.

This fee transaction is posted as a bank payment (BP), and is independent of the sales invoice (other than via the transaction reference). However, the customer payment (either on account or matched to the invoice) is not posted to the bank account until the invoice is posted so, if for any reason (e.g. order cancelled & refunded) the invoice is not posted (Update Ledgers in Sage), then the fee will need to be reversed manually.

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