When you receive a statement from your merchant account service provider listing what credit card discount fees and processing fees were charged, you need to record the expenses in Sage 50. Typically, this is done on a monthly basis. Check with your accountant about when you should record credit card payment discount fees.
Tip: If you use Sage Exchange to process credit cards through Sage 50 and have set up an online merchant account, you can view your transaction history from the Transaction Management menu in Virtual Terminal.
Sage 50 displays the Payments window.
In the Cash Account list, enter or select the bank account that the merchant service provider uses to debit its fees.
Note: If you have the Hide General Ledger Accounts global option activated, the Cash Account lookup list displays only names of cash accounts currently set up in the chart of accounts.
Note: If you have the Hide General Ledger Accounts global option activated, Sage 50 will not display the account ID field in this window. To modify the expense account ID used for this transaction, you must select the Journal button.
After merchant discount and payment processing fees are entered in Payments, they can be easily reconciled in the Account Reconciliation window when you receive your bank statement.