Some card payment transactions incur merchant fees that are deducted before the amount is deposited into your bank account. This means that a Cash Book Deposit created with only the payment transactions will require a fee transaction to be applied so that it can match your bank statement deposit.
To do this you will need a Cash Book Transaction Type, being a "Payment" type to apply the merchant fees to the Deposit.
Apply merchant fees to a Cash Book Deposit
Once the Deposit has been created, edit the Deposit transaction to add a payment for fees.
- Click the Cash Transactions link from the Main Menu.
- Locate the Deposit required.
- Right click and select Edit.
- In Edit Cash Book Deposit, click the tab for Deposit Details.
- Click the drop down arrow next to Add Deposit Details and select Add Transaction.
- Choose the Type-Method, being the Cash Book Transaction Type for the fees.
- Enter the date and amount of the fee and any other required details. Taxes can be applied to these fees if necessary.
- Click OK to save and close.
- The Fee transaction will be added to the Deposit, reducing the overall amount to the amount received in the bank account.
- When this is correct, post the Deposit by clicking Tools, then Post. This will also post the fee transaction within the batch.
Journal Entries will be created and should be approved and posted in the normal manner.
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