Reckon Product Ideas
Make a difference by sharing your ideas with the Reckon product development team. Your votes will directly influence the product roadmap and help guide our products future direction.

Please note all new ideas remain hidden from public view until reviewed by our team.


Announcement: September 2023

We are currently well underway building our next-gen user interfaces, starting with Payroll web and mobile (released), Invoices mobile (released) and soon, advanced Payroll, Reckon Mate enhancements, and Time web.

Where appropriate we'll add features from the Product Ideas Portal to both old and new interfaces, or, where new is replacing old, we'll add to the new range only.

Thank you for your patience - whilst we understand building new interfaces and products takes longer than adding a feature, we are certain the new designs will ultimately provide a better experience for all our customers.

Regards,
The Reckon Product Team


Add a new idea Subscribe
Status Unlikely to be implemented
Workspace Reckon Accounts Business
Categories Desktop & Hosted
Created by Guest
Created on Mar 11, 2021

RELATED IDEAS

Add a tax column to "Make Deposits" so we can deduct Commission fees from 3rd parties, e.g Ebay, Paypal, Zip, Afterpay etc.

I would imagine a lot of companies now use a 3rd party when receiving payments from customers , whilst the customer pays by Afterpay (for example), in full, the amount transferred to us is less their commission which makes it very hard to claim the tax in Reckon Retail Premier.

  • ADMIN RESPONSE
    Mar 15, 2021

    Reckon Accounts underlying logic does not treat deposits as sales, but as movements of funds from one account to the other eg undeposited funds to bank.

    The correct process to deduct fees from a sale, or indeed record a sale, is to use a SALES RECEIPT for example, and directly deposit this to a bank account, deducting fees using a discount item or a negative qty. This will ensure the tax treatment for sales and purchases are correct on your BAS and tax reports.

    nb. If your sales receipts go directly to undeposited funds by default, and don't allow the selection of a bank account, you may need to change this preference (un-tick it).

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  • Admin
    Jason Hollis
    Reply
    |     Mar 18, 2021

    Hi. It's a bit hard to come up with a perfect solution without knowing the exact process unique to your situation, so we would firstly suggest engaging one of our accredited partners as they are solution experts. Generally though, for third-party systems the customer receives an invoice from that system, so the example above was given with that in mind. ie the 'accounting' aspect of the transaction only.

    If you wish to send an invoice from the accounting system then you are correct, this process is not appropriate. A process that has been used for many years (ebay, paypal, EFTPOS etc..) is to process all payments for each payment mechanism into a 'clearing' account. This is a Reckon Accounts bank account that isn't a physical account. All payments are processed into this account, and fees are written as cheques out of this account > when they occur. Depending on the payment method, your fees might be daily, or, monthly like bank EFTPOS fees. You then move funds (deposit, or transfer) the funds from this account to your physical bank account so that your reconciliations match what actually occurred in the bank. Especially important if you receive BATCH payments from the third-party.

    Ideally these clearing accounts should always clear to zero daily, but as you would know it's not a perfect world and daily sales do not always come over to your bank account in perfect alignment.

  • Guest
    Reply
    |     Mar 16, 2021

    I afraid this does not solve the problem of 3rd party commission payment systems.

    Firstly I have to send the Invoice or Sales Receipt to the customer WITHOUT showing the commission charged by Ebay or any 3rd parties, and 2nd, you cannot show a negative amount on an invoice and use NCG to claim the tax on the commission, it does not show in BAS reports.

    A bill needs to be raised in conjunction with the payment somehow against the customer to claim the tax under NCG to reflect on the BAS.

    It has been suggested to write a cheque to claim the commission, however that would add significantly to the Bank Reconcillation process. Which chq would belong to which deposit???

    Perhaps after 25 years of using Reckon Retail Premier this software is no longer applicable to todays trends of payments. This is a real problem.