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?
