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Community Explorer **

A/R entries not cleared because of fees and GST taken off payment/dep

I have taken over the books and they were in a bit of a mess, almost everything has been sorted out. I noticed for a merchant acct used for selling online they invoice said merchant but when payments are made, they are made less the merchant fee and the gst charged on those fees. So the a/r bal is never truly zeroed out, there will always be a small difference left over. The daily sales are all processed on one JE for the day, which works well until we have to clear this a/r merchant. Visa/Mastercard etc all dep what was recored on the JE and then debit out bank at month end for their fees where as this online merchant takes their fees off each time they dep into our bank. Since it's set up under an a/r acct it looks for the matching amount for pymt which will never happen. Any suggestions on how to resolve this?
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Best answer 07-09-2019

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Community Explorer **

Re: A/R entries not cleared because of fees and GST taken off payment/dep

Would an option be to receive payment against the invoice (there would be a balance left owing) and follow this up with a JE that debits fees (gst purchase) and credits a/r? Thus the fees and gst make up the bal of the a/r difference. Please advise with your thoughts. Many thanks.
2 Comments
QuickBooks Team

Re: A/R entries not cleared because of fees and GST taken off payment/dep

Hello,

 

This is an interesting question. I'm going to leave this topic open so the accountant users in the forums can help with your specific situation.

 

Feel free to contact me if you have any other questions.

Community Explorer **

Re: A/R entries not cleared because of fees and GST taken off payment/dep

Would an option be to receive payment against the invoice (there would be a balance left owing) and follow this up with a JE that debits fees (gst purchase) and credits a/r? Thus the fees and gst make up the bal of the a/r difference. Please advise with your thoughts. Many thanks.