Was this page helpful?
Thank you!

Comments or suggestions?



Enter Email Address (optional)
email

American Express cards (Merchant Service)

If you accept American Express cards with the Merchant Service for QuickBooks, using the Merchant Service Deposits workflow is the best way to reconcile your credit card transactions. However, there are some differences in the way reconciliation works depending on whether you are an American Express OnePoint™ customer or not. You can tell if you are an American Express OnePoint merchant by looking at your monthly statement -- your card type will be listed as AMEX ONEPT).

American Express OnePoint merchants

Merchants who process credit cards under the American Express OnePoint program get better rates, more accurate funding data, and easier reconciliation. Please note the following changes and tips:

  • You should use the Make Merchant Service Deposits workflow to reconcile your credit card transactions. American Express and bankcard transactions will appear in a single batch, making it easier to match the deposits on your bank statement.

  • The older Make Deposits workflow will also work correctly (American Express and bankcard transactions will also appear in a single batch), so if you are more comfortable using this feature, you can still reconcile your credit card transactions correctly.  But the newer Make Merchant Service Deposits feature has an updated interface and shows deposits and fees on a single window to make reconciliation easier.

  • Fees are always deducted using the gross fees method (fees are deducted in separate withdrawals). You cannot change this.

  • For easy reconciliation, all deposits and fees (discount and adjustments) for American Express transactions will appear on the Deposits and Fees tab, and will appear with MasterCard/Visa transactions.

Other Merchants

If you are not an American Express OnePoint™ customer, you should use the Make Merchant Service Deposits workflow to reconcile your credit card transactions correctly. Bankcard and American Express transactions will appear in separate batches, as they will appear on your statement, making it easier to reconcile correctly. You can use an on-screen fees calculator to help you match your QuickBooks deposits to the deposits on your bank statement.

Caution: If you use the Make Deposits workflow (Banking > Make Deposits), bankcard and American Express transactions will appear in the same batch, which will make it more difficult to reconcile QuickBooks deposits with those on your bank statement.

Net vs. gross fees

If you are not in the American Express OnePoint program, American Express may deduct your fees as either net fees or gross fees, depending on how your account is set up.

Net fees

If your account is set up for net fees, American Express subtracts fees from each batch of payments (deposit), and your payment totals in QuickBooks may not match the funded amounts that appear on your bank statement. By entering the actual funded amount from your bank statement, we can help you calculate the fees and record them for you. Just enter the actual funded amount from your bank statement in the Amount found on Statement field.

Note: You can request that your fees be withdrawn separately from each funded batch instead of having a net amount deposited to your bank. Simply contact American Express and ask to have fees withdrawn as "gross fees" instead of "net fees." This may make it easier to reconcile your fees in QuickBooks. After this, you can change your account settings at the top of the page so that American Express payments will be handled like your other bank cards.

Gross fees

If your account is set up for gross fees, reconciliation should be a relatively simple matter. American Express deducts fees separately at the end of the month, and the deposits on your statement should match your deposits in QuickBooks. All deposits and fees (discount and adjustments) for American Express transactions will appear on the Deposits and Fees tab, and will appear with MasterCard/Visa transactions.

KB ID# H_SVC_QBMS_AMEX_ONEPOINT
9/27/2016 12:00:38 AM
PPRDQSSWS403 9138 Pro 2017 2fcf62