ATM Business cycling cash, How to classify refunds of cash from 3rd party processor?
As part of our business we seasonally run an ATM for a couple months every year.
To quickly explain the situation I need to explain how the business works.
We withdraw cash from our bank account, stock the atm with the cash.
Customers come and withdraw cash at the atm and pay a convenience fee.
A 3rd party processing company withdraws the cash from the customers account and deposits the combined days withdraws back into our business account. At the end of the month the processing company deposits the combined surcharges into our business account.
My question is how should we classify all of the cash being withdrawn by us and then how do we classify the refund by the processing company to our account?