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Posted by up for the game on January 16, 2007, 10:59 pm
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Hi
This is probably an old question, but, I just started accepting credit
card payments and would like to know the appropriate way to enter both
the actual amount of the payment(which should be the same as the
invoiced amount) and then the 'commission' the credit card processor
takes off the top?
I would appreciate it if someone could help.
Thanks for yoru time
Joe
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Posted by foldem on January 17, 2007, 3:57 am
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>Hi
>This is probably an old question, but, I just started accepting credit
>card payments and would like to know the appropriate way to enter both
>the actual amount of the payment(which should be the same as the
>invoiced amount) and then the 'commission' the credit card processor
>takes off the top?
>I would appreciate it if someone could help.
>Thanks for yoru time
>Joe
I enter the fee amounts from the monthly statement as bank service
charges:credit card discount.
Best,
Peter
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Posted by scfundogs on January 17, 2007, 6:42 am
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> Hi
> This is probably an old question, but, I just started accepting credit
> card payments and would like to know the appropriate way to enter both
> the actual amount of the payment(which should be the same as the
> invoiced amount) and then the 'commission' the credit card processor
> takes off the top?
> I would appreciate it if someone could help.
> Thanks for yoru time
> Joe
Create an expense account called Payment Processing Fees or similar.
If the fee comes off the top of each transaction then you use Make
Desposits to select the cc payment then enter a negative number on the
next line using the PPF account.
If the merchant service provider charges a lump sum debit then you
record it normally to the PPF account.
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Tara
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Posted by Laura on January 17, 2007, 7:24 am
Please log in for more thread options > Hi
> This is probably an old question, but, I just started accepting credit
> card payments and would like to know the appropriate way to enter both
> the actual amount of the payment(which should be the same as the
> invoiced amount) and then the 'commission' the credit card processor
> takes off the top?
> I would appreciate it if someone could help.
> Thanks for yoru time
> Joe
And if you are going to be doing a lot of cc transactions get the merchant
service company to take their fees at the end of them month. This will
result in the individual charges coming through as charged instead of net
amounts. Net amounts will drive you crazy at bank rec time. It may cost you
slightly more in fees but the time and frustrations saved during bank recs
will make it worth it.
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Posted by up for the game on January 17, 2007, 8:05 am
Please log in for more thread options On Tue, 16 Jan 2007 22:59:28 -0500, up for the game
>Hi
>This is probably an old question, but, I just started accepting credit
>card payments and would like to know the appropriate way to enter both
>the actual amount of the payment(which should be the same as the
>invoiced amount) and then the 'commission' the credit card processor
>takes off the top?
>I would appreciate it if someone could help.
>Thanks for yoru time
>Joe
Thanks for the quick responses.
I checked with the contract and the company and they told me that
their fee will be deducted at the end of the month which corresponds
to the ideas mentioned in the follow up posts.
In my first transaction, I had invoiced the total amount and then
posted as 'Payment Received' for the same amount, which leaves out
the commission the service charges---hence my question/post.
As I understand the posts, during the month, the payments received,
the invoice totals and the resulting customer's statements will all
show as being paid up. Then I need to wait until the EOM to post the
monthly service charge as a transaction that will not directly relate
to the individual transactions that were used to compile it during the
month. I assume the accountant type person will be OK with this. I
will present this to her for approval, but, as I understand it, the
process seems to 'work'.
Prior to doing this, I processed Paypal payments by issuing an
invoice, then receiving payment with the Paypal discount, then showing
the Paypal discount which then 'balanced' the account within the same
transaction period. I had assumed I would do the credit cards the same
way...hence my post.
A lot of transactions would be a dream, but there apparently aren't
that many improperly running computers out there or people looking to
purchase ones that are running well....
All the help is appreciated.
Thanks
Joe
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