Credit Card Reconciliation

Accessing Station Credit Card Fees

To access the credit card fees for your station, follow the steps:

1. Go to Customers > Accounts Receivable > Accounts Receivable.

   

2. In the Options section, select the following data:
3. Company - select your company.
4. Class - select your station.
5. Customer - select Cash Register/Credit Cards.

Receiving Credit Card Payment

Let's use the example of collecting $1183.05. You might have $400.00 in credit card fees from the total of $1183.05.

Collect the entire amount and then make a journal entry to account for the credit card fees:

• $1183.05 - IN
• $400.00 - OUT - Credit Card Fees

To receive a credit card payment based on the example above, follow the steps:

1. Collect the entire amount. Do the following:
1. Open the credit card fees for your station. For details, see Accessing Station Credit Card Fees.
2. Go to the Payments section, and then select a line with the date for which you need to receive a payment.
3. Go to the Payment Attributes section, and then specify the following data:
4. Receive Method - select Check, Cash, or EFT
5. Receive Account - select an account to pick the money in
6. Receive Date - select the receiving date
4. At the bottom of the Accounts Receivable form, click the Receive & Close button to complete the transaction.

   

2. Make a journal entry. Do the following:
1. Go to Transactions > Account Register.
2. In the Options section, select the following data:
3. Company - select the company that was selected in the step 1.a.
4. Class - select the class that was selected in the step 1.a.
5. Account- select the receive account that was selected in the step 1.d.
3. In the From and to fields, select the receive date that was selected in the step 1.d.
4. At the right of the period fields, click Go.

   

5. Go to the Transactions section, and then click the first line in the table.
6. In the Accounting Transaction window that opened, specify the following data:
7. Due Date - select the receive date.
8. Payee - select Credit Card Fees.
9. Memo - enter any memo you need, if any.
10. Debit - enter the amount of credit card fees. In out example, it is $400.00.
11. Account - select an account the credit card fees are sent to. In our example, it is Other Expenses.
12. Destination - select the class that was selected in the previous steps.
7. Click enter.
8. At the bottom of the Accounting Transaction form, click Save & Close.

   

9. Make sure the transaction was successful. Go to the Options section, and then in the Account field, select Other Expenses - the account the credit card fees were sent to.

Credit Card Reconciliation Training