A General Fee with Business Expense (GFEEB) is a charge for services provided by the company, where there is a corresponding Business Expense due to a third party.
For example
The landlord is charged £100 for a gas safety check
The £100 is taken entirely as a fee
The user then arranges to pay the third-party contractor £60 from the Business Account
It can be possible to set up SME Professional to instruct payment for these directly from the Business Account in the BACS Schedule. Please get in touch with support to find out more.
To set up a General Fee with Business Expense:
Navigate to Financials > Landlord deductions
From the top right dropdown, click on General Fee with business expense
Fill in the pop-up with the details of the charge (please see the image below for further information)
Click Submit
When this deduction is processed, the revenue report will reflect the full balance taken as a fee. This should be offset against the value of the Business Expense, typically in your separate management accounts software.
Depending on the version of SME Professional in use, it is possible to set up SME Professional to instruct payment for these directly from the Business Account. Please get in touch with support to find out more.