Accepting Credit Cards - Mooseintl
Accepting Credit CardsWhen we accept credit cards for payment we need to record the income, however at the same timewe do not have the cash, so we need to record it as money that is owed to us, in AccountsReceivable. This shows it as an asset.When the Credit Card company pays us, the money will be in the bank, and we need a way to showthe deposit in QuickBooks without it being shown as new Income.PreparationFirst, we’ll need to create several new Accounts andItems.We’ll create a new Cash Account 1040.00– Credit Card Clearing Acct, under1000.00 – CashA new Accounts Receivable account1140.00- Credit Card AR, under 1100.00Accounts ReceivablePage 1 of 7www.MooseIntl.org1Posted on: 08/30/2012
And 5440.00 – Credit Card Fees, under5400.00 - General Administration Exp.Now we need to create the new Items.1040 CC Clearing – associated with1040.00 – Credit Card Clearing Acct5440 Credit Card Fees – associated with5440.00 – Credit Card FeesPage 2 of 7www.MooseIntl.org2Posted on: 08/30/2012
Processing Credit Card Purchases at the LodgeWe need our Deposits and Receipts to match. When a member pays with a credit card, we do nothave the full amount in cash to deposit into 1005.00 Checking.We need to take the credit card purchase out of the deposit, and thus reduce the receipt by theamount that has been put on the card.Entering ReceiptsWe also need to keep the income reflecting what the register tapes show as being sold.When we enter our sales we count ourtotal Cash, Checks and Credit CardReceipts. Then we calculate the amountof Sales Tax to be held in Liability for theState payment.If our register reads 300 in sales, thesales tax (at 7.75%) is 21.58.Then we enter the receipt, using theitems for Beer, Liquor, food, wine, misc.and Sales Tax.Then we also add the item 1040 – CreditCard AR, using a negative number forthis item reflecting the amount that hasbeen charged. We do NOT have thisamount to deposit, so it will reduce ourtotal receipt, and thus our Deposit, bythe amount on credit. It will also leaveour Income at the full amount of 278.42 ( 300 minus the sales tax of 21.58.)The P&L reflects the entire amount ofincome.Our Balance Sheet 1199.00 account willreflect that only the amount of cash andchecks collected will be actually taken tothe bank and deposited.This deposit needs to be posted whenyou actually take the cash and checks tothe bank.Page 3 of 7www.MooseIntl.org3Posted on: 08/30/2012
On our Balance Sheet, this receipt willshow that we have increased our totalCash by 50.00, so we need to balancethat. We do not really have the 50. Itis owed to us. Next, we need to createan invoice for the amount on the creditcard, using the account 1140.00- CreditCard AR, and the item 1040.00 - CreditCard AR.Our Balance Sheet now cancels the 50.00 in 1040.00. However, our ARaccounts have increased by the same 50.00, so our Balance sheet is correct.Processing Payments Deposited into the Lodge Bank AccountWhen the credit card company pays us,the money goes directly into our bankaccount, so we need to “Receive” thepayment. But first, we need to deductany Fees the credit card company isdeducting from their payment to us.Go back to the invoice, and on thesecond line enter item 5440, and anegative dollar amount for the fees.Page 4 of 7www.MooseIntl.org4Posted on: 08/30/2012
Now click on “Receive Payments” andfind the invoice that matches.In the Amount field type in the paymentyou received from the credit cardcompany.After the Payment is received, you willneed to make the Deposit, but since themoney is already in the bank, thisdeposit only needs to be done inQuickBooks.This screen shows 2 deposits waiting.The first is from the sales receipt andneeds to be processed when you actuallytake the money to the bank.The second one is already in the bank,and you need to show that inQuickBooks.There will be nothing to take to thebank, so do not combine this depositwith any that you do have to take to thebank.Make sure the date reflects that of thedirect deposit into your account so thatyour monthly bank statement and yourreconciliation will agree.Page 5 of 7www.MooseIntl.org5Posted on: 08/30/2012
1. Notice in theBalance Sheetthat 1040.00Credit CardClearing isbalanced, 50in from theSales Receiptand 50 out bythe Invoice.2. Our ARaccount1140.00 CreditCard AR has 1invoice for 48and onematchingpayment.Remember,there was a 2fee deductedfrom the CreditCard company’spayment to us,so we only got 48 from themand charge the 2 off as aCredit Card Feeexpense in5440.00, whichshows on theP&L on thenext page.1233. Our 1199.00 Undeposited Funds account shows a Sales Receipt for 250.00 which has not beendeposited yet, and will be included in the Social Quarters Deposit when you go to the bank. It alsoshows the Invoice Payment of 48.00 that was direct deposited by the credit card company, and theQuickBooks Deposit of 48.00 into the 1005.00 Checking account.Page 6 of 7www.MooseIntl.org6Posted on: 08/30/2012
4. Our salesreceipt showsthe full incomeof 278.42( 300 minusthe sales taxliability of 21.58.45. Account5440.00 CreditCard Feesshows the 2.00 theCredit Cardcompanycharged as afee forprocessing thetransaction.Page 7 of 75www.MooseIntl.org7Posted on: 08/30/2012
Accepting Credit Cards When we accept credit cards for payment we need to record the income, however at the same time . shows the Invoice Payment of 48.00 that was direct deposited by the credit card company, and the QuickBooks Deposit of 48.00 into the 1005.00 Checking account. 1 3 2 ZZZ 0RRVH,QWO RUJ 3RVWHGRQ 3DJH RI 7 4. Our sales
Cards, Cars and Currency Lesson 2: Credit Cards—A Package Deal . teacher. 16 Cards, Cars and Currency . 4. Explain that there are different kinds of credit cards. Some are major credit cards and can be used at any business that accepts credit cards. These credit cards are issued b
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What you need to know about Credit Suisse credit cards You can use your Credit Suisse credit card to obtain goods and services without cash in Switzerland and abroad, and make payments at a later date. Credit Suisse offers a variety of credit cards that allow you to pay conveniently and securely anywhere in the world. Credit Suisse credit cards .
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Accepting Credit Card Payments . Policy Statement Harvard University accepts credit cards as payment from external parties for certain goods, services, or gifts. Harvard mandates that all credit card-accepting local units, called “merchants,” do the following: 1. For one-time sales, use the Universi
the bank. Additional features available are to make credit card payments block the credit card, apply for a new credit card, and view of inactive cards. All the active credit cards of the user including the add-on cards linked to the user's primary cards, total card limit, and total minimum due amount are displayed in a credit card widget form.
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