hi there, can you please let me know how to record a credit card or debit card transaction from our merchant machine.
thank you and look forward to your response.
Sue
Hi Sue,
I assume that your bank processes the credit card transaction, takes a small commission, then a few days later it deposits the money into your cheque account. If this is the case, create a new asset account called 'Credit Card Funds Owing'. When you record a payment from a customer, create a Money Received transaction with the Paid Into Account set to 'Credit Card Funds Owing'. Then record a Money Paid Out transaction from this account to the 'Bank Fees' account for the amount of the commission. And when the funds are deposited into your account, record a General Transaction from the 'Credit Card Funds Owing' account to the 'Cheque Account'
regards,
