I just started working on Quickbooks and I really don't know how to set up a Merchants Account. This account in particular, is coming from Bank of America and all the Credit Card payments are deposited into that Account. I am wondering if I have to Reconcile since I do get bank statments from this account and how?
Thanks,
Maggie
Re: How do I set up a Merchants Account?
June 02, 2013 04:48AM
Hello Maggie,

If the payments are deposited into your bank account you would reconcile it on your bank statement. Usually you have an expense account called Merchant Fees and that is where you put the credit card discount fees.

If you receive a payment from a Customer you can put the amount of the Merchant fees in as a discount and choose the Merchant Fees expense account in the Discount Account field of the Discounts and Credit's window near the bottom of the Receive Payments window so your client's Invoice shows fully paid and your deposit will match your bank statement.
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