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?
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.
To deposit your American Express funds so your bank deposit agrees with the
actual deposit in your bank account, follow these steps:
Go to the Banking menu and click Make Deposits.
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.
In the Make Deposits window, enter your checking account in the Deposit to field.
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.
Enter "Deposit AMEX" in the Memo field.
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
Enter "Discount Fee" in the Memo column.
Enter "AMEX" in the Pmt Meth. column.
If you use Class tracking, enter the appropriate class for the discount fees
in the Class column.
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.
Click Save & Close to record the deposit.