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Entering Credit Card Purchases

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  • Entering Credit Card Purchases

    My credit card service enters a net amount (sale price minus transaction fees) into my bank account. Is there a way I can enter a single transaction in PT that does exactly the same thing? Thanks!

  • #2
    re: entering credit card purchases

    Since you don't know what the fees are until you receive the statement from the credit card service, you must enter the service fees separately.

    Below is segment of the Peachtree Help File that describes how to handle the fees:

    Enter Merchant Discount Fees in Peachtree

    When you receive a statement from your merchant account service provider listing what credit card discount fees and processing fees were charged, you need to record the expenses in Peachtree. Typically, this is done on a monthly basis. Check with your accountant about when you should record credit card payment discount fees.

    Tip: If you use the Peachtree Credit Card Service and have set up an online merchant account with Chase Merchant Services, L.L.C., your payment transaction statements can be accessed online using their Moneta service. For more information, click .

    From the Tasks menu, select Payments.

    Peachtree displays the Payments window.

    Enter or select the vendor ID that represents your merchant account provider. To display a list of existing vendors, type ? in this field, or select the Lookup button.

    If you use the Peachtree Credit Card Service and have set up an online merchant account with Chase Merchant Services, L.L.C., enter or select the Chase vendor ID.

    In the Check Number field, enter the transaction reference number used by the merchant account provider when it deducted its fees from your business's bank account (for example, the transfer draft number). Do not leave the Check Number field blank.

    In the Cash Account list, enter or select the bank account that the merchant service provider uses to debit its fees.

    Note: If you have the Hide General Ledger Accounts global option activated, the Cash Account lookup list displays only names of cash accounts currently set up in the chart of accounts.

    On the Apply to Expenses tab, enter or select the expense account for each discount fee and service processing fees (for example, CC Processing Fee Expense).

    Tip: Depending on the detail you want to track, you may want to set up two merchant expense accounts: CC Discount Fee (fees charged for each transaction that is processed) and CC Service Charge (monthly service charges and setup fees). If discount rates are different depending on the credit card type (for example, American Express, VISA/MasterCard, and Discover), you may want to enter and track separate discount expenses (for example, AMEX Discount Fee, VISA-MC Discount Fee, and Discover Discount Fee). To learn how to set up these types of accounts, click .

    Note: If you have the Hide General Ledger Accounts global option activated, Peachtree will not display the account ID field in this window. To modify the expense account ID used for this transaction, you must select the Journal button.

    Enter the amount of the fee(s) that were charged.

    After you finish, select the Save button to record the payment.

    After merchant discount and payment processing fees are entered in Payments, they can be easily reconciled in the Account Reconciliation window when you receive your bank statement.

    For more information, email
    Authorized Peachtree Resource Center
    California Colorado Nevada Oregon Washington


    • #3
      Thanks for your suggestion. Unfortunately, it is not easy to reconcile my bank statement using that method - the card charges and bank statement dates are slightly off due to transit time (I suppose). I really need to enter the discount fees individually, preferably when the payments are posted to my checking account as a sale - and ideally as one transaction. Something like the split that takes place with a sales tax when a purcahse is posted. FYI - I don't track individual customers as we are primarily an Internet company that satisfies orders by email (no shipping normally). Therefore, sales are entered as Cash Receipts. While I can deduct the charges in that receipt, I can't get the deduction applied to a separate expense account. Help!