I have a question about invoicing and credit card sales transactions for a gas station/convenience store.
The vendor that I purchase fuel to resell from is also the same vendor that processes my credit card sales.
So I receive credit card sales daily from this vendor, less the processing/clearing fee.
Each week though I receive fuel for the pumps along with a statement from the vendor showing the amount of my fuel purchases less the credit card sales the store made. For example, I purchased $18,000 in fuel and my credit card sales were $10,000. So I still owe the vendor $8,000. What is the best way to account for this? Do i pay the bill in QB for the fuel and still enter the payments received via credit card?
Thank you
