Hello,
My credit card processor is a third party company called merchant
services.
Currently on Quickbooks I have my daily credit card sales coming
into my account from them
so I considered putting them under customer, but I also pay about
4% processing fee of my monthly sales at the end of month to
them
which is a direct expense of sales.
How would I go about entering them?
Credit Card Processing
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#1 Posted by Admin Support staff on 18 Jul, 2011 08:56 AM
Hi Lois,
You're right, they do seem like a customer account. But would it be better to ignore that and instead enter your income received between your bank account and a new income account? You could use a new income account called "merchant sales" for example.
Then when you pay the 4% processing fee to them in a separate transaction, you would just enter it between your bank (or card) and an expense account as you mentioned.
Anyway, just a thought, I hope it helps,
Mathew
Admin closed this discussion on 18 Jul, 2011 08:56 AM.