How do I account for advance from credit card merchant
I was wondering whether anybody could help me with the following situation. The business I am doing the accounts for took an advance from their card processing merchant. I've created a loan account for this amount.
The merchant subtracts 10% of total credit card takings daily to repay the advance. The problem I am experiencing is that our card takings are now all 10% short when attempting to match to invoices. I need to work out how to account for this on the invoice and credit the loan account to reflect the repayments
How do I account for advance from credit card merchant
If you use banking downloads go ahead and match your daily sales receipts to the deposit. You do this by starting with the imported review deposit. Then look for matches and you add each receipt- then add a final line item of negative loan repay.
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