INTERNAL ONLY

How to Transfer Credit Card Payments to the Cash Account (10200) in General Ledger

Credit Card payments processed through Sales Order Invoice Data Entry are posted into the “Undeposited Funds Account” (10600) in General Ledger. Once these deposits appear in the bank account, they are transferred from this temporary cash account to the main operating accounting in the General Ledger. To move the payments from account # 10600 to 10200, follow these steps:

1) General Ledger Module » Main » General Transaction Entry
2) Select the next transaction number
3) Enter the transaction date and amount
4) Make sure that the offset account is Bank Code E (for the main operating account)
5) Go to the lines tab and enter the Reference number
6) Enter the Undeposited Funds GL Account number (10600)
7) Enter the amount to be moved from account 10600 to 10200 (Debit 10200 and Credit 10600)
8) Print the General Transaction Register (ensure that the debit/credit have been entered to correct account as stated above)
9) Update the Register

The Balance on account 10600 is the amount of credit card payments received but not yet deposited into the bank account by the Merchant Service Provider.

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