Tips for QuickBooks Merchant Services (and others too!)Scott Gregory
August 22, 2008 — 1,440 views
Do you find that the process of reconciling your bank account with your credit card deposits in QuickBooks is a pain in the rear because your credit card merchat takes the fees out of each transaction? You know the drill - this deposit looks "close to" the right one, but not quite, etc.
Here's a little tip that can simplify your bookkeeping life...
Call QuickBooks Merchant Services (or any other merchant service provider your business may be using) and ask them to take your MasterCard, Visa, Discover and AmEx fees out of your account once per month instead of with each credit card deposit.
Benefits to you of asking this simple question?
The credit card transactions are posted to your bank account in their "gross" amount (not the net amount after fees). Makes the reconciliation process MUCH easier.
You keep your cash longer - you simply settle up once per month for your credit card processing fees.
Naturally, the merchant will try to get their fees sooner rather than later - that's why they set you up this way by default. Turn the tables, and ask them to stop their method and start yours - just take the fees once per month!
Scott Gregory is a QuickBooks Specialist, QuickBooks Enterprise Specialist and CPA. He has been helping businesses gain a better understanding of QuickBooks software and improve their accounting systems for over twenty years. Scott has trained hundreds of QuickBooks users as an instructor at his local community college. Prior to forming Bottom Line Accounting Solutions, Scott was the CFO for a manufacturing company, with direct oversight of the accounting, IT, inventory control, purchasing and HR departments. Contact Scott today at www.BetterBottomLine.com.