Confused! Our cc processor deducts some fees prior to deposit & some at the end of the month. End of the month are no problem but prior deductions are what are confusing .ie..if my sales for 1 day were $10. and I had a cc transaction for $10.00. deposit to my account is $9.( $1 fee already deducted} I was told to debit exp acct for fees & credit cash. So i post the $9 deposit from bk acct but can't figure out how to NOT show a cash shortage. If I post this way it appears that I should have $1 more than I did....or $1 less??. the full amount isn't debited to cash so why am i taking it off cash .it seems it should be added to cash and then taken off but i don't know if this is right or not..can anyone help? I tried using a merchant holding account but it doesn't seem right either
↧