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Depositing payments by credit card

How you deposit credit card payments in your bank account depends on what method you are using to track your credit card sales.

How do I deposit my credit card payments?

If your payment items group with other undeposited funds

If your payment items are set up to Group with other undeposited funds, make a deposit that groups your day's receipts according to the way your merchant processing company processes the batches. To make sure your payments group with other undeposited funds, check that your Sales & Customers preferences are set to "Use Undeposited Funds as a default deposit to account."

  1. Open the sales and customers preferences.

    Opening sales and customers preferences
  2. In the Receive Payments section, check the "Use Undeposited Funds as a default deposit to account" preference.

To use a holding account for your credit cards transactions

If you are using a holding account for your credit card deposits to keep credit card transactions separate from your other undeposited funds, your funds can be deposited into the bank account when you receive a statement from your merchant account provider, or whenever you have sufficient data to transfer funds.

  1. Create a "Make Deposit" using the bank account as the "Deposit To" account.

  2. Enter a manual line entry with your holding account as the "From Account". Use a positive number for the amount you wish to deposit.

  3. If you know your merchant discount fees and the fees are subtracted from the amount that your merchant service deposits to your bank account, you can deduct those fees here by adding a line to your deposit in the Make Deposits window.

    • Select the Received From column, just below the last payment.

    • Enter the charge card company (such as the QuickBooks Merchant Service), which has been set up as an Other Name.

    • Click the Account drop-down list and choose your merchant account fees expense account.

    • Enter the fee amount as a negative number.

    This will decrease your deposit to reflect the net deposit amount.

  4. Save the deposit.

    Save the deposit.

Note: You can also manually enter fees as a payment from the holding account. It is important that fees are entered so that your holding account and your bank account will balance correctly.

See also

11/19/2017 1:19:09 PM
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