{"id":2455,"date":"2021-09-14T09:26:21","date_gmt":"2021-09-14T08:26:21","guid":{"rendered":"https:\/\/www.devon.gov.uk\/educationfinance\/?p=2455"},"modified":"2022-08-25T10:11:25","modified_gmt":"2022-08-25T09:11:25","slug":"administration-89-on-line-income-processing-when-transaction-charges-taken-at-source","status":"publish","type":"post","link":"https:\/\/www.devon.gov.uk\/support-schools-settings\/administration-89-on-line-income-processing-when-transaction-charges-taken-at-source\/","title":{"rendered":"Administration 89: On-Line Income Processing When Transaction Charges Taken At Source"},"content":{"rendered":"

On-Line Income Processing When Transaction Charges Taken At Source<\/strong><\/p>\n

When transaction charges are deducted from income before it is paid to the school the following process should be followed:-<\/p>\n\n\n\n\n\n\n
No.<\/th>\nAction<\/th>\n<\/tr>\n
1.<\/td>\nPrint off the transaction listing which shows the gross income amount, charges and net income paid.<\/td>\n<\/tr>\n
2.<\/td>\nWhen the income comes down on suspense to reconcile, reconcile the income to the correct ledger code and note this on the report.<\/td>\n<\/tr>\n
3.<\/td>\n\n

Complete an on-line journal (Layout shown below) for the Gross transaction charge:-<\/p>\n

(VAT claimed later)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n
#<\/th>\nTitle<\/th>\nFirst name<\/th>\nLast name<\/th>\nDetails<\/th>\nCharge<\/th>\n<\/tr>\n
<\/td>\nDr:<\/td>\nGxxx<\/td>\nGxxxx<\/td>\n4205 (bank Charges)<\/td>\n\u00a3 Transaction fee<\/td>\n<\/tr>\n
<\/td>\nCr:<\/td>\nGxxx<\/td>\nGxxxx<\/td>\nRelevant income ledger code<\/td>\n\u00a3 Transaction fee<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

On a half termly or termly basis email the VAT Team at DCC with the following information:-<\/p>\n\n\n\n\n\n\n\n\n
No.<\/th>\nAction<\/th>\n<\/tr>\n
1.<\/td>\nPrint off the transaction charges invoices\/reports if available.<\/td>\n<\/tr>\n
2.<\/td>\nComplete a spreadsheet identifying the Gross transaction charges, VAT and net charge.<\/td>\n<\/tr>\n
3.<\/td>\nEmail VAT Team the spreadsheet and any transaction invoices\/reports. Ask for VAT to be coded to:-<\/td>\n<\/tr>\n
<\/td>\nGxxx<\/td>\nGxxxx<\/td>\n4205 (bank charges ledger code as gross charge journaled to income ledger code)<\/td>\n<\/tr>\n
4.<\/td>\nWhen VAT received on suspense reconcile to relevant cost centre.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

On-Line Income Processing When Transaction Charges Taken At Source When transaction charges are deducted from income before it is paid to the school the following […]<\/p>\n","protected":false},"author":1888,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[18],"tags":[170,171,172],"class_list":["post-2455","post","type-post","status-publish","format-standard","hentry","category-administration","tag-online-income","tag-transaction","tag-transaction-processing"],"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-09-22 10:52:10","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.devon.gov.uk\/support-schools-settings\/wp-json\/wp\/v2\/posts\/2455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.devon.gov.uk\/support-schools-settings\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.devon.gov.uk\/support-schools-settings\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.devon.gov.uk\/support-schools-settings\/wp-json\/wp\/v2\/users\/1888"}],"replies":[{"embeddable":true,"href":"https:\/\/www.devon.gov.uk\/support-schools-settings\/wp-json\/wp\/v2\/comments?post=2455"}],"version-history":[{"count":2,"href":"https:\/\/www.devon.gov.uk\/support-schools-settings\/wp-json\/wp\/v2\/posts\/2455\/revisions"}],"predecessor-version":[{"id":16964,"href":"https:\/\/www.devon.gov.uk\/support-schools-settings\/wp-json\/wp\/v2\/posts\/2455\/revisions\/16964"}],"wp:attachment":[{"href":"https:\/\/www.devon.gov.uk\/support-schools-settings\/wp-json\/wp\/v2\/media?parent=2455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.devon.gov.uk\/support-schools-settings\/wp-json\/wp\/v2\/categories?post=2455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.devon.gov.uk\/support-schools-settings\/wp-json\/wp\/v2\/tags?post=2455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}