Online payment & Settlement (New Vers.)

So if you are receiving online payment using third party service such as Paypal or Molpay, the flow will pretty much goes like this: 

1. your customer pay via payment gateway and the money received is captured into the third party account
2. 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.

Pre-requisite

1. Click on Wallets

2. Click on Add New

3. Create an Account (wallet) for third party wallet, e.g. Molpay

(To learn more about creating a wallet, please refer to How To Create a Wallet)

4. Create a Payment Method that associate with the wallet

(To learn more about creating a payment method, please refer to How to Add a New Payment Method to Wallet)

5. Click on Save

6. In Sales Invoices, select add payment

Invoice Customer & Receive Payment

7. Choose Molpay and enter in the full amount paid by customer

8. Click on Save

Settlement & Fund Transfer

9. Click on Cashflow and select 'Transaction'

10. Click on 'Add New'

11. Click on Fund Transfer

12. When your fund from Molpay wallet is settled into your bank account, do a fund transfer to capture the transaction. Assuming that only RM603 is transferred after the payment received.

13. Click on Save

14. Click on the three-dot menu

15. Click on View Statement

16. You will see there is a balance of RM3 in your Molpay wallet

Expenses & Transaction fees

17. Click on Purchases and select 'Expenses'

18. Click on Add New

19. Click on Add Amount Paid

20. Pay the bill via Molpay so that it will knock off the payment from Molpay wallet.

21. Knock off the RM3 as your expenses in transaction fee or handling fees

22. Click on confirm

23. Ensure to fill in the information and click save

24. The expense will be displayed

25. Now if you check in "Molpay Wallet Statement", you can see all Molpay transactions