Using Mas 90 version 4.40.0.4
We have just started accepting Credit Cards using SPS. I have a Visa payment type defined with a "Credit Card Clearing" asset account and a "Merchant Processing Fees" expense account. Our first CC order for $91.76 was recently processed and created a debit to Credit Card Clearing of $88.87 and a debit to Merchant Processing Fees of $2.89 and a credit of $91.76 to Sales, as expected. Now, I see that our bank has received a deposit for the full $91.76, so I assume that SPS will deduct the $2.89 from our bank on their end-of-month statement.
Now I want to enter the deposit that my bank received ($91.76) for Bank Reconciliation. I assume a GL entry with my Credit Card Clearing and Bank asset accounts, but I need to Debit my Bank for the full amount of $91.76. If I credit the Credit Card Clearing account for $88.87, then it seems I also have to credit the "Merchant Processing Fee" expense account of $2.89 to balance my GL entry. So then when I get the SPS invoice, I'll turn around and debit back the $2.89 fee to Merchant Processing Fees? Seems like the Payment Type is trying to save me steps, but is actually creating more. I'm sure I have misunderstood something along the way and want to know how others handle this type of scenario and their entries for SPS fees and bank rec.
Perhaps the Payment Type should not use a Merchant Processing Fees "expense acct", but rather a payable (liability) account that is then offset when we enter our SPS invoice? (Apparently I need a picture of the process drawn out for me. Or a cup of coffee or something. Seems I'm having difficulty with basic accounting today.)
Any clarity would be greatly appreciated.
-=Alan=-
