How do I apply credit card merchant fees in SBA2006


E

Ed

When entering a customer payment by credit card how/where are the credit card
merchant account fees applied?
 
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T

TKnTexas

The credit card is most routinely booked with the bank reconciliations.
MC, Visa and Discover will debit your bank account on the first couple
banking days of the month calculated on the deposits in the prior
month. American Express offers two options, one is to handled it the
same as the other three, which is my prefered choice. The default
method is to receive a netted payment. This does add an additional
wrinkle when balancing though. From the customer accounting point of
view, the credit card fees are not an accounting issue.
 
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K

Ken Schultz

Are Online Credit Card payments (via Chase Paymentech) by customers only
received into our Checking account at the start of each month? If so what is
the appropriate account to link to when receiving these payments? 'Accounts
Receivable' or 'Undeposited Funds'?

If this is the case do I do a transfer from one of these Accounts to the
Checking Bank Account when I do the bank reconciliation?

I hope these questions make sense, I'm a little new to accounting and this
software.

Thanks
 

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