Reconcile a payment made through our website for an inventory item

Question

Hi Guys,&nbsp;We have launched an online store as part of our business. We have just made a sale for an item that is in our inventory (in a quantity of 5) to a customer.&nbsp;What I thought I would do is enter the sale as a new sale invoice to take the inventory count of 5 out of our stock. But now I'm stuck with the credit card surcharge and reconciling the payment in my bank feed.&nbsp;Sale amount to the customer is $695.50, but the deposit amount in my bank feed is $667.31. I can match this amount in my bank feed, but im left with the $12.19 outstanding on my Sales Invoice's "Balance due".&nbsp;Im wondering if this is the best way to be doing my online sales transactions? And what do I do to record my transactions efficiently for tracking inventory and recording credit card surcharges?

princess_r · Answer

Hi SusieExpTech&nbsp;
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Thank you for your response. It's great to know that you had this resolved and we appreciate providing the exact workaround you did to this concern. It will help other user find this information with the same issue.&nbsp;
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Please feel free to post again and we'll be happy to assist.
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Cheers,
Princess

leneth_a · Answer

Hi SusieExpTech
&nbsp;
Thanks for your post.
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In this matter, if your customer will pay you, you can wait for the balance to be paid before you allocate the $12.19 and $667.31 to the invoice. If there's no payment you will not be able to match you may need to adjust or edit the invoice.
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We also suggest checking with your accountant about this matter. You may check These Articles Allocating bank transactions and Matching bank transactions for more information.
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Please don't hesitate to post again if you need help in the future.
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If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
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Cheers,Leneth&nbsp;

susieexptech · Answer

Thank you for your response&nbsp;Leneth_A&nbsp;&nbsp;The customer was charged and paid the amount of $12.19 as a credit card surcharge fee from our web provider and our web provider keeps the $12.19 and deposits our sales monies in the amount of the difference.&nbsp;I have decided against recording it as a Sales Invoice and do it as a Journal Entry instead. What I have done is created a new sales account as an Other Income account for Webstore Sales: Parts. This also assists Management in viewing reports for Webstore Sales against regular Purchase Orders - as they prefer to keep it separate to monitor the difference between the two.&nbsp;I have entered this sale as a Record&nbsp;Journal Entry against the Webstore Sales account in the full amount, separating the $12.19 as a Transaction Fee, and our sales monies is in the exact amount that is deposited into our account, recorded against our Business Bank Account. EG:&nbsp;Acct&nbsp; &nbsp; &nbsp;Name&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Debit&nbsp; &nbsp; &nbsp; &nbsp; Credit1-xxxx&nbsp; Bus. Acct&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;$667.316-xxxx&nbsp; Transaction Fee&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;$12.194-xxxx&nbsp; Webstore Sales: Parts&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; $679.50&nbsp;Then I have completed an Adjust Inventory for the part in our inventory in a quantity of -5 for the sold items, against the account that I created for the Webstore Sale: Parts. EG:&nbsp;Item Number&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Quantity&nbsp; &nbsp; &nbsp; Unit Cost&nbsp; &nbsp; Amount&nbsp; &nbsp; &nbsp;Account(Part #)&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; -5&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; $xxxxxx&nbsp; &nbsp; &nbsp; &nbsp;$xxxxxx&nbsp; &nbsp; &nbsp; 4-xxxx&nbsp;Webstore Sales: Parts&nbsp;&nbsp;

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