What's the best way to balance your merchant books?
We accept many credit cards and would like to know how some of you track your transactions coming into your bank accounts since many of them do not match up in dollar amounts or list the batch number they were associated with. Some of the companies take out fees and lump them together and some take longer than others to hit the bank account, how do you keep track of them?
We have that same issue. The batches don't necessarily match up the day they are posted...or the fees are taken out.
So we do a monthly reconciliations. To get started, the company that processes your credit cards should be able to provide you with a monthly statement with the batch numbers. It may have to be something you request.
But then we created a spreadsheet where we downloaded all of our bank transactions and then downloaded the credit card transactions. Each carrier has a specific percentage fee. So you can figure out how much the fee was based on the transaction. You should also have a POS (point of sale) transaction that shows person X bought 100.00 from you. After the credit care fee you may only see $97.00. So you can match up the 100 with the 97 and have a $3 entry for Credit Card fees so the 97 + the 3 = 100 from your POS
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