Accounting for card transaction fees

[Spirits High]

As with some I took up the intuit pay offer a couple of months ago. I've used it a few times and get the monthly statement of commission charges etc.

Having a read through previous threads there's this one on Paypal fees http://www.forum.mobilediscodirector...ow-to-document

I'm assuming debit / credit card commissions are accounted for in the same way but with assumption being the mother of all...........thought it best to check

If anyone would care to confirm / deny this it would be greatly appreciated.

[mattydj50]

Yes, any fees incurred in the running of your business can be accounted for as cost of sales.

This may include (but not limited to) PayPal fees, Credit Card processing fees, Credit Card interest or late payment charges, bank charges, foreign exchange fees (if buying from overseas) and customs charges (again, if buying from overseas).

But they must be exclusive to your busines, e.g. overdraft fees on your personal bank account because you also bought the wife's birthday present around the same time you bought a new laser using the same account would not be eligible.