USA Is it necessary to segregate credit card income?

[NPatt]

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.

 

[Fidget]

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.

 

[NPatt]

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.