American Express Checks

[chrisandersen]

AX sends me a check after we do the CC on-line inside of QB. They take off their fees and their check does not match up with the invoice. So, I have to edit the invoice, recieve payment again and then make a deposit. Seems like the long way around the block.

[suzannemead]

There are many threads on this forum about this subject. Receive payment for the amount of the invoice, which is what the customer gets credit for. On the Make Deposit screen enter a line item below that amount for a negative amount and post it to your Merchant Card Fees or Bank charges account, whatever you use. The customer gets credit for the correct amount, the fees get posted, and the deposit is the correct amount. Voila!

[kenilworth]

Suzanne's method is quick and correct, but it's a good idea to give some thought to where you will allocate the AX fees. You don't want to lose track of these amounts, since they affect your sales margin. So, for example, I think it's a good idea to have a separate account for these fees, called say "AX fees" as a subaccount of "Bank Charges". Or, you can make it an INCOME account that is a subaccount of sales. Then you see your true Sales Income, not the gross. I mention all this, because it sounds like you are doing on-line sales and margins can be very slim. It's important to track net profit per item sold carefully - those miscellaneous costs can add up!