Credit Card Fees

[ekraus]

I have a new Credit Card Processor that has posed an interesting problem for me.
Perhaps someone could help with accounting for it.
The problem is that when an amount is charged the total amount is not deposited in the bank.
The fee is removed from the deposit.
So I have to allow for it but cant figure out how.

Payment $400.00
Deposit to Bank Account $388.24
They take .9076 percent per transaction.

Thanks Evan

[qbqcca]

Record your Credit Card Deposit the same way that you did prior to the new Processor, with the exception that you need to add a line to the deposit to deduct the Credit Card fees charging them to what ever account you charged the credit card fees from the previous processor.

[cjd]

I'd suggest you ask the credit card processor to take out the fees in one lump sum at the month end rather than from each transaction.

[cojhl2]

Reconciling Credit card deposits casued me great problems because I could not reconcile the account. What was actually deposited vs my records never matched due to batches and fees.

What I finally did was open a new bank account only for Credit card payments and moved $ under my control to my working accounts.

So although recon was still tough at least I had control and could get through it.