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We have a client that uses a credit card processing service to allow them to accept payment via iPhone / iPad etc and as well via the desktop terminals in there office.
Process:
DataCo (payment process provider) gives the office staff a detail of the cash receipts received each day - so the Sales / AR Clerk can enter into Sales >> Cash Receipts these payments made by the customer. No problem with this. We created a Chequebook - Data - and point it to a 'holding' account in the GL.
Every other day DataCo sends a list of the monies deposited into the Company Operating Bank - COB and in doing so, state the fee charged
So the paperwork shows the following for a normal daily summary:
Net Sales - 10,000.00
Fees - 500.00
Deposit - 9,500.00
Once a month DataCo charges there service fee / management / maintence fee which is over and above the fee per transaction and that days summary may look like the following:
Net Sales - 4,000
Fees - 500
Internet Over Fee - 3,500
ProcMgt Fee - 1,000
Deposit - ( 1,000 )
Yes that is right - they would deduct 1,000 from the account of the Main bank rather than making the deposit.
Challenge 1: Is there a better way to deal with the credit card receipt process - we need to match the receipt to an existing invoice in GP
Challenge 2: How do we transfer the funds from DataCo bank to the COBank and still manage the fees correctly
Challenge 3: How to deal with the situation where the fees charged by DataCo are greater than that of the Net Sales - there are still sales that have to be recorded and there are expenses that need to be recorded and the client will not allow me to enter only the NET effect of the transactions
Current Plan
We currently have the CC Deposits going to DCBank. Daily the summary from DataCo is transfered (Bank Transfer) to reflect the amount of Net Sales transfered to COBank, then from Bank Transaction we are 'paying' DataCo the service fee of 500 and it is Credit to COBank and Debit to the Merchand Services Expense account.
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