• dls
  • Senior Member
  • Offline
  • From: UK
  • Registered: 02/23/2010
  • Posts: 63

Topic: Credit Card Takings

I'm trying to set up credit card takings.

Credit card takings at POS: Credit card Takings Bank Account (Dr)
                                          Sales account (Cr)

When merchant services payment is received: Credit Card Takings Bank Account (Cr)
                                                                    Business Current Bank Account (Dr)
                                                                    Bank Charges (Dr)

Question is do the Bank account types (Savings, Cash, Credit, Chequing) affect operation? - Or are they just for info. Not sure which fits Credit card Takings Bank Account?
Also is best to setup Quick entry for transactions when merchant services payment received? I have three different terminals and accounts to reconcile, so planned to track these for reconciliation using dimensions?

Anyone else set a similar situation up and can give advice?
Many thanks.

  • elax
  • Senior Member
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  • From: UK
  • Registered: 05/17/2011
  • Posts: 326

Re: Credit Card Takings

I'm not a sure about the Bank account types, but don't use dimensions. Dimensions are a pain, because there is nothing to enforce them and it's really easy to forget to set them or have something overriding the dimension without warning.

To reconcilate, just use a different account per terminal. I have one terminal and have a bank account specific to this terminal (as well has a bank account for "cheque") and it works really well.

/Elax

  • dls
  • Senior Member
  • Offline
  • From: UK
  • Registered: 02/23/2010
  • Posts: 63

Re: Credit Card Takings

@:elax Many thanks for the advice - much appreciated.