USA Is it necessary to segregate credit card income?


Joined
May 18, 2019
Messages
7
Reaction score
0
Country
United States
Hello --

While I know it's a good idea...is it IRS required to break out credit card income from various sources (e.g. using the 'payment method' column in QB) from other income sources (check, cash) so that CC income can be searched as a report and calculated in relation if needed to the Merchant Card Fees? Or is that optional? Thanks for your help.
 
Ad

Advertisements

Fidget

VIP Member
Joined
Jan 6, 2013
Messages
694
Reaction score
118
Country
United Kingdom
Can't see why it would be. The QB options are probably more for the benefit of you, as the user, if you want to keep track of how you're being paid.
 
Ad

Advertisements

Joined
May 18, 2019
Messages
7
Reaction score
0
Country
United States
Thank you for your reply -- that's what I thought. I asked the question for another reason but was also thinking that with regulations that merchant services issue 1099's under some conditions that there might also be requirements on the receiving end for audit or matching purposes.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top