Can you please tell me how to do this: Accounts Hosted.
We have a credit card machine at work, and on charge the fees to the customer.
Square then takes the fees + or – a few cents. It is never quite exact.
So my question is, how do I reconcile that and come up with a correct total in the reconciliation?
If an invoice is $100 and the fees are 2.3% (this is what they charge for payments over the phone) we charge the customer $102.30 but only make the invoice out for $100.00
Then the invoice and the payment don’t match because Square deposit me $100.02 (its always a couple of cents either way)
What we have been doing is I have a separate account that so it does not have to be reconciled. When the money comes in from Square, we transfer the exact $100 to the main trading account, then everything matches.
But how do you do it normally in a reconciliation if the Square account is paid directly into the main trading account? The reconciliation would never balance, especially if we actually put the credit card fees onto the invoice, which Square take.
In Reckon do we have an account we should be attributing the credit card fees to? I just can’t figure out how it works.
Could somebody give me an exact example please? TIA!
