17-09-2011 12:39 PM
Could somebody coiuld tell me hwo to recoed credit card charge in an invoice?
If the total sales is $2100, credit card charge is $21
So I directly charged $2121 from customer account.
In fact, the bank should be $21, but the bank would charge me $21.21, so, do I record $21 as bank fee ? or $21.21 instead ?
Maybe I am stating not quite clear, anythiing unclear, please ask me.
Thank you !
17-09-2011 05:32 PM
If you are using an ITEM invoice format then create a new item some think like CCS Credit Card Surcharge as I Sell with a zero value. allocate it to an Income a/c for Card surcharges. Tax with GST.
Add this line your the invoice with the value.
If you are doing a SERVICE invoice then just add another line on the invoice.
Re the $21 versus the bank fee $21.21 then obviously you need to up rhe surcharge to cover it plus a bit for the handling fee. i would suggest 1.5% not 1%. If they do not want to pay by card then there are other options available. I have clients that charge 3% for Visa/ MCard & 3.5 for AMEX.
17-09-2011 06:57 PM
I reckon this is one of those things that needs to be included upfront in the terms of sale say in a quote (see attachment 1).
In reality, two different monetary transactions have occurred, one purchased based (spend money) and the other sales based (receive payment):-
Up to you to decide on how to code the accounts, for example:-
4-2800 Income Credit Card Charges GST Tax Code 5-2800 COS Credit Card Charges GST Tax Code
Please refer to attachment 2 for the additional line required to the invoice and attachment 3 for the spend money example
Need help with your MYOB product or service?Find out more
News, views and ideas for your businessFind out more
Courses and materials
designed to help you make
the most of your software.