So if you are receiving online payment using third party service such as Paypal or Molpay, the flow will pretty much goes like this:
- your customer pay via payment gateway and the money received is captured into the third party account
- after a certain period of time (settlement period), the money will then disperse into your bank account. The money transferred are mostly in a lump sum and may not tally with the money received from customer after some deduction such as GST charges, handling fees, etc.
In order to capture these transactions accurately, it is strongly recommended that you create the separate accounts (wallets) to capture the payment so that it is easier to reconcile against each payment records.
- create an Account (wallet) for third party wallet, e.g. Molpay (https://biztory.freshdesk.com/support/solutions/articles/16000076810-how-to-set-up-wallet)
- create a Payment Method that associate with the wallet. (https://biztory.freshdesk.com/support/solutions/articles/16000012409-add-a-new-payment-method-to-wallet)
Invoice Customer & Receive Payment
- create a sale invoice as usual. Under payment, choose Molpay and put in the full amount paid by customer
Settlement & Fund Transfer
- when your fund from Molpay wallet is settled into your bank account, do a fund transfer to capture the transaction. Assuming that only RM97 is transferred after the payment received.
- You will see there is a balance of RM3 in your Molpay wallet.
Expenses & Transaction fees
- Lastly, you may need to knock off the RM3 as your expenses in transaction fee or handling fees. Remember to pay the bill via Molpay so that it will knock off the payment from Molpay wallet.
- Now if you check in "Molpay Wallet Statement", you can see all Molpay transactions.