How do I record a payment via LiqPay in the revenue book?

Today, many entrepreneurs use the LiqPay system to accept payments from their customers. But at the same time, many do not know how to properly show such receipts in the Income Book and on what date. Let's find out.

What date should I make an entry in the Revenue Ledger about the receipt of money via LiqPay?

Depending on the single tax group, all entrepreneurs must keep records of income, and some must keep records of expenses:

• Groups 1, 2 and 3 (non-VAT payers) are required to keep daily records of income and fill out the Income Book;
• Group 3 VAT payers are required to keep records of income and expenses in the Income and Expense Ledger.

Data on the income of sole proprietor ships must be recorded daily, with the total for the day in hryvnias and kopecks.

The date of receipt of income for single taxpayers is the date of receipt of money on the account. That is, an entry must be made in the Income Book on the day the money is credited to the current account for the shipped goods or if an advance payment is received.

In our situation, the payment that comes through LiqPay is non-cash, because the client instructs his bank to transfer funds to the entrepreneur's current account using LiqPay. Such an income should be entered in the Income Ledger at the moment when the money is transferred to your current account.

Please note! If you receive money through LiqPay, such a transaction is called a settlement transaction and requires the use of a cash register. We wrote about this in more detail in the article "Cash registers in 2020".

The basis for the entry in the Income Ledger is a bank statement for the relevant day.

What amount should I record in the Revenue Ledger when receiving payment via LiqPay?

If you use the LiqPay Internet acquiring system, you probably know that a certain percentage of the commission is withheld from each amount that goes through this system. That is, the funds are credited to your account minus the commission, and you see the net amount in your bank statement.

Since entrepreneurs who are single tax payers are obliged to keep only income records, the full amount of payment, including the commission, must be entered in the Income Ledger. In such a situation, the commission for making payments through LiqPay is the seller's cost, i.e. yours. In addition, in a sales receipt or a cash register receipt, you need to show the full amount of money received (including the commission).