How do I start with accounting?

To create a good foundation for your accounting, you need to understand 3 basic principles: revenue and deductions, costs, and balance. In addition, you can choose to do your accounting with or without a suspense account. 

Balance

You can find your balance in your Mollie Dashboard via Administration > Report. On your balance, you see your revenue and deductions, costs, and your final balance.

  • Revenue and deductions
    • Most sales systems automatically create an overview of your revenue and your invoices. Your customers pay these invoices using Mollie services. If you don’t use an online sales system, please check your Mollie account. You will find an overview in your balance. However, VAT is not yet calculated in this balance. You need to do this manually. In your balance sheet, you will also find all deductions, for example, reimbursements to your customers.
  • Costs
    • Every month, we will send you an invoice with the costs for using our services. You normally don’t have to pay this invoice, since we automatically deduct the money from your balance.
  • Final balance
    • We settle the money that’s on your balance to your bank account. You can see the deposits on your bank statement. 

Accounting

You can do your accounting using two methods:

  • With suspense account
    • We advise you to use a suspense account. Using such an account gives you a better overview of your accounting. You can instantly see how much of your money we have and how much we still need to pay you. You or your accounting makes a suspense account and fills this account with your balance exports. Your export balance is available in MT940, CSV or CODA format via Administration > Payments > Exports.
  • Without suspense account
    • If you are a small business owner it might be difficult to use a suspense account. You can choose to make payout exports instead of using a suspense account. These exports show you the same amounts as a payout on your bank statement, but your sales transactions and deducted costs for your Mollie invoice are shown separately in your bank book. You can export your report as an MT940, CODA, CSV or PDF file in Administration > Payments > Exports