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Handling American Express (Amex) payment receipts

If you accept payments from American Express customers, here are some ways you can handle these funds within QuickBooks.

How are American Express payments different than bank credit card deposits?

Entering American Express receipts

  • If you enter individual sales receipts or payments, enter Amex in the payment method field. To group the payments with other undeposited funds, make sure your Sales & Customers preferences are set to "Use Undeposited Funds as a default deposit to account."

  • If you enter daily sales summaries, enter the total American Express payments using the AMEX payment item on each sales summary transaction.

Depositing American Express funds

To deposit your American Express funds so your bank deposit agrees with the actual deposit in your bank account, follow these steps:

  1. Go to the Banking menu and click Make Deposits.

  2. Click in the left column to select the American Express receipts to be included in the deposit.

    Make sure you group together receipts in a way that agrees to the actual deposits made to your bank. This is a critical step in making your bank reconciliation process go smoothly.

  3. Click OK.

  4. In the Make Deposits window, enter your checking account in the Deposit to field.

  5. Enter the deposit date in the Date field.

    This date should be the date that the funds are expected to hit your bank account. Sometimes this date will be several days after the sale date, depending on your American Express account setup.

  6. Enter "Deposit AMEX" in the Memo field.

  7. On the first blank line on the deposit screen, in the From Account column, enter the name of the account you use to track your American Express discount fees.

  8. Enter "Discount Fee" in the Memo column.

  9. Enter "AMEX" in the Pmt Meth. column.

  10. If you use Class tracking, enter the appropriate class for the discount fees in the Class column.

  11. In the Amount column, Enter the total of the deposit times the amount of the discount fee.

    You can use the calculator to calculate the discount fee directly on the Make Deposit screen.

  12. Click Save & Close to record the deposit.

KB ID# H_RET_AMEX_HANDLING_PAYMENTS
8/30/2014 5:14:14 PM
PPRDQSSWS406 9102 Pro 2013 53d580