AR Credit Card fees collected

  • AR Credit Card fees collected

    Posted by Bron Tamulis on May 15, 2024 at 8:16 am

    We have an external application that our customers log into and can pay their invoices. When using a credit card the application charges a 3% fee. Example – customer pays a $1,000 invoice – they get charged $1,030. We import the payment as a $1,000 cash receipt applied to the Invoice. The credit card processor includes in the daily funding batch to our bank the $30 fee collected (they will bill us at end of month). So I have a deposit in GP bank register of $1,000 and a deposit on my bank statement of $1,030. I need to know if anyone has developed a reasonable approach to entering the $30 fee in GP (maybe a new GP customer strictly used for collecting the fees?) – maybe issue a refund at month end with having the customer tied to our credit card processor vendor in GP? Any suggestions/comments appreciated. Thanks in advance.

    Elaine Salyer replied 1 week ago 2 Members · 1 Reply
  • 1 Reply
  • Elaine Salyer

    Member
    May 15, 2024 at 3:27 pm
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    We occasionally charge a credit card fee and usually either add a line item to the SOP invoice or create a transaction in Transaction Entry for the fee. For the accounting I post the journal entry to our credit card fee account as a credit (reduction).

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