This module enables users to apply fixed or percentage-based fees on payment methods, with automatic charge journal entries. It ensures accurate accounting and seamless reconciliation during bank statement processing.
Charges on Payments: Automate journal entries and track payment fees effortlessly!
Say goodbye to manual fee tracking and reconciliation headaches! With the Charges on Payments module, businesses can automatically apply fixed or percentage-based charges on customer payment methods — while ensuring those charges are logged in the correct accounts and fully reconciled during bank statement processing.
Whether you're handling credit card fees or third-party gateway commissions, this module simplifies your accounting by creating journal entries for payment charges in real-time. Keep your books clean, improve accuracy, and gain better visibility over transactional costs — effortlessly.
Highlighted-features
Automatic Journal Entries
Seamless Bank Statement Reconciliation
Configurable Payment Charges
Detailed Features List
Flexible Charge Configuration
- Assign either fixed fees or percentage-based charges to any payment method
- You can set different accounts to capture expense, or service fees — giving you complete control over how charges are handled in your chart of accounts
Real-Time Journal Entry Creation
- When a payment is made, the module instantly creates a second journal entry for the configured charge, using the designated account.
- This ensures accounting records are updated in real time without manual intervention.
Streamlined Bank Reconciliation
- During bank reconciliation, charges and payment journal entries are automatically available for matching with the bank statement line — simplifying reconciliation and reducing errors.
Configure Specific Accounts
- Designate specific accounts in your chart of accounts for tracking payment charge transactions.
- Maintain detailed financial reporting and analysis of payment-related expenses.