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Card receipts

Phil
  • 25 posts
  • # 73593

Hi everybody,

A client of mine runs a small hotel & restaurant and as you would expect, many of her customers pay with a debit or credit card.  She keeps good records via her cash register and I process sales receipts directly from these records.  Usually this works fine, but when it comes to reconciling her bank account, a certain card company messes me up by deducting fees before making the payment.  I guess there is a very simple adjustment to be made but I am just not seeing it!

Hope somebody can help, have a good weekend.

Phil
Neil
  • Member PM.Dip
  • 29 posts
  • # 73594

Hello Phil,  I have a customer with a similar situation.  I have opened a seperate account to receive the credit card payments and I then make a transfer between this and the current account matching the transactions and bank statements.  The fee that has been deducted needs to be expensed out to bank charges as a cost of sale. Hope this helps,
 
Phil
  • 25 posts
  • # 73651

Thank you for those replies, 'that'll do nicely'!!
Peasie
  • Member PM.Dip
  • Practice Licence
  • 481 posts
  • # 73654

Phil said:

“Thank you for those replies, 'that'll do nicely'!!”
Did you ever see the "Not the Nine O'cClock News" version of the American Express adverts?
Phil
  • 25 posts
  • # 73661

Absolutely - won't quote them here though! Laughing
  • 2 posts
  • # 73816

Phil said:

“Hi everybody,

A client of mine runs a small hotel & restaurant and as you would expect, many of her customers pay with a debit or credit card.  She keeps good records via her cash register and I process sales receipts directly from these records.  Usually this works fine, but when it comes to reconciling her bank account, a certain card company messes me up by deducting fees before making the payment.  I guess there is a very simple adjustment to be made but I am just not seeing it!

Hope somebody can help, have a good weekend.

Phil”

An alternative solution for the longer term may be if your client's credit card acquirer has a web site for their customers, the customer can logon and print detailed batch reports for any day in question which will show fees deducted. This will provide a full audit trail from cash register to bank account and ensure completeness of records.
Unfortunately not all credit card acquirers provide this and much depends on who you bank with.

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