I have scenario here. I sell things online and most of my customer would pay via credit card and/or online bank transfer. I am using an online payment gateway solution where all online payment such as credit card and online bank transfer will be credited in my special account held by the Payment Gateway company. Here are a couple of questions I have:
I setup a Cash Account for the abovementioned account so whenever I receive online payment, it will be recorded in this cash account. Then at the end of every month I will treat my withdrawal from this account as a money transfer to my normal bank account under Cash Accounts. Is this the correct way to do it?
If above is the correct way, I still have a small problem and not sure if I can automate it or not. The payment gateway will charge me 3% for every payment. So if the payment from my buyer is $100, the payment gateway company will pay me $97. How and where to record this $3 difference? In terms of automation, I was thinking to treat the 3% as ‘tax’ during Receive money under Sales Invoice.
Hope I am making sense here and appreciate any points from the community here.