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Accounting

In terms of accounting, treat your sales as regular ones, and your Paylike account as any other bank account. The invoice is then marked paid using the Paylike account when the transaction is captured.

Start by creating a bank account in your accounting software named “Paylike”.

The following should happen on each event:

  1. When having a sale, create the following transactions:
    • Debit the customer’s account (receivable)
    • Credit the sale
    • Credit any VAT
  2. When delivering (shipping) and “capturing” the payment:
    • Debit the Paylike account (amount after fees)
    • Debit fees on a fee’s account
    • Credit the customer’s account (receivable)
  3. When receiving a payout from Paylike
    • Debit your bank account with the amount
    • Credit the Paylike account with the amount

Summarised you should end up having the following transactions:

Debit Credit
Sale Receivables Sales
VAT
Delivery Paylike Receivables
Sale’s fees
Payout Bank Paylike

You could choose to do this only on an occasional basis summarising for instance all webshop sales daily.

Learn how to retrieve your account statement here.

For some modern accounting software, not exposing credits, debits and accounts, this would be accomplished by:

  1. Creating an invoice for each sale
  2. Marking each invoice as paid using the Paylike account
  3. Crediting each fee on the Paylike account
  4. Creating an internal bank transfer from the Paylike account to your bank account when receiving a payout

We encourage you to seek advice from a local professional knowing applicable laws, practices and requirements for your business and region of operation.