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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
Any help would be much appreciated :)
When you record the deposit for the CC takings
line one: full sales amount
line two: merchant fee expense and the amount as a negative
line three: loan liability account, and the repayment amount as a negative
I do not use banking downloads so I can not help there. But the work flow is actually make entries, download banking, match
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.
It is similar procedure of subtracting a card processing fee in a deposit. https://quickbooks.intuit.com/learn-support/en-us/install/square-processing-fee-question/00/194912
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