Credit Card Transactions
Credit cards allow cardholders to borrow funds from their respective bank to purchase for goods or services and pay back later. It is beneficial for businesses to accept credit card payment so they do not have to keep too much cash in hand besides, they can keep track on their sales electronically. Some merchant bank may charge a small amount of transaction fees for credit card transactions. For such cases, both sales and credit card charges transactions need to be recorded respectively into the system.
Here's how you can record such charges in TreezSoft Cloud Accounting system.
1. Record Credit Card Transaction
Assumed the sale is RM100, credit card transaction fees charged by merchant bank is RM2. The actual amount that will reach you is RM98.
Once the credit card merchant release payment into your bank, you may record the transaction into the accounting system.
To do so, go to Customer > Received Payment
Click on New Received Payment.
You will see the screen below:
- Enter the customer who makes the payment.
- Select the bank account.
- Enter the total sale amount of RM98.
- Select credit card as the payment method.
- Click on "Copy to New" to record the credit card charges.
The screen below will record the credit card charges transaction:
- Enter the customer who makes the payment.
- Select the bank account.
- Enter the credit card transaction fees amount of RM2.
- Select credit card as the payment method.
- Click "Save".
With the above, your bank reconciliation will be correct.
Just follow these simple steps to guide you on keeping track of all your credit card transactions. TreezSoft cloud accounting software makes it easier to do your accounting online.
You can also visit the links below to read more on related topics in TreezSoft:
TreezSoft is a cloud accounting software for Small and Medium-sized Enterprises (SMEs). It allows you to access your financial information anytime, anywhere. It also allows you to have unlimited users for FREE for your account in TreezSoft. Our aim is to help reduce our clients' time spent on accounting mainly by using our automated processes and integration to help increase their company efficiency at a minimum cost. SMEs can use TreezSoft to keep track their expenses, accounts, daily operation e.g. Point of Sales (namely QPOS) system and etc.
Visit TreezSoft at http://www.treezsoft.com/ to sign up for a 30 days trial account with us!
You can also email us at [email protected] for more enquiries.