Basically, for Elavon, we have set it up so that we manually perform what they call "Settlement" each week, which is where the funds are actually downloaded into our bank account from the merchant provider.
Here is our process:
1) Enter Settlement option in the payment terminal and print Report
2) Report lists all transactions over the last period (1 week for us).
3) in QuickBooks, open the Record Deposits window and compare the entries with the Report printed from the Terminal
4) Compare the total amount with the total amount in the Record Deposit Window.
5) It pretty much always matches up for us, so just Record the Deposit in QB and confirm the Settlement on the Terminal and we are good to go
6) Monthly we receive a statement for the fees charged during that month. We simply enter this as an an expense in the Merchant Account Fees (COGS) account that is created by default.
All I really wanted to say was that it actually works really well for us, and is easy to follow and see what is going on. We don't care about the transaction fees for each individual transaction, so entering them at the end of the month works out just fine.
No comments:
Post a Comment