Credit Card Merchant account

[mbevon]

How do u post net settlement from credit card account.
I've created a Mastercard account( Account recievable).
When i receive the merchant summary for the month, i DR the Bank Account since it an electronic credit and CR the Mastercard Account( Account Receivable).

Do you agree?

ty

[mbevon]

I'm posting the net receivables.

[elustberg]

I would include the credit card account as a cash account or accounts receivable. When you receive a settlement you will debit your checking account and credit the credit card account for the net settlement.

The difference is processing fees. That amount should be debited to an expense account. If you set it up as an A/R account, you can use the CC expense account as the discount account.