How is income received through a payment terminal or other payment service providers processed in the service?

This article is meant for OP Light Entrepreneur users with Business ID.

As an OP Light Entrepreneur, you can receive income in addition to invoicing, for example through payment service providers. In this guide, we explain how to process income in the service in situations where a payment service provider charges commission directly on sales. Commission is common among the following service providers, among others:

  • Payment terminals such as Zettle, SumUp & Nets
  • Payment service providers such as Stripe, PayPal & Paytrail
  • Employee benefit providers such as Edenred, Epassi & Smartum

Receive the income gotten through the above service providers directly into your bank account first. You can then account, i.e. circulate the money received via OP Light Entrepreneur Sales settlement function.

Do this

Step one, receive payment from the customer through a payment terminal or other payment service provider.

  • Receive the payment through a payment service provider or charge your customer using a payment terminal. Make sure that the receipt generated by the payment terminal or payment service provider for the customer contains your Business ID and other mandatory information.

Step two, the payment service provider passes on the income received from the customer to your account and will withhold a certain commission. For example, if a customer has paid €120 with a payment terminal, the service provider will send you €115 after their commission

  • Receive the income from the payment service provider or the payment terminal into your own account with the commission deducted. (Eikö kohdan yksi ja kaksi voisi yhdistää, kun molemmissa vastaanotetaan sama maksu?)

Step three, give a sales account in OP Light Entrepreneur for the full amount paid by your customer. Do not deduct the payment service provider’s slice from the sales account. So if the customer has paid €120 with a payment terminal and you receive €115 from this to your account, account the sales with €120 anyway, so that the accounting is correct based on the actual sales

.
  • Give a sales account in the service. Your accounting is based on payment transactions through our customer asset account, which is why accounting, i.e. the circulating of money, must be done for the total amount of the sale. For example, if your customer has paid €120 with a payment terminal and you receive €115 in your account after the commission, you should still give a sales account for €120 to get the accounting right.

Step four, add the commission from the payment service provider as an expense in accounting using the New expense function. A payment report received from the payment service provider can be used as a receipt, which shows the withheld amount of the sale.

  • Add the commission of the payment service provider or the payment terminal as an expense in accounting with the New expense function. The commission amount will reduce your taxable income, so you will end up paying taxes only on your profits.