The Devilish and Dangerous Debit Card

What could possible be dangerous about a business owner’s debit card? It’s attached to the checking account, so he’s not as likely to accumulate debt on it like he could a credit card. It is much easier to carry around than a checkbook, and as already stated, won’t accumulate an unpaid balance like a credit card would. Where’s the danger? There are two actually. Let’s look at them. Read More »

Tags: Accountants, Atm Machines, Business Card, Business Expense, Business Owner, Business Owners, Card Punch, Checkbook, Checking Account, Credit Card, Credit Cards, Debit Card, Irs, Lost, Missing Receipts, Personal Cash, Personal Purposes, Riot Act, Transaction Fee, Unpaid Balance

Handling Credit Card Processing Fees (or PayPal Fees) in QuickBooks

There is always that never ending problem, where you just don’t get all of your income

Many merchant accounts (these are the people that permit you to accept credit cards) just take a monthly debit out of your bank account at the end of the month, these are easy to account for, you simply enter a withdrawal in your account register for the amount debited and categorize it as Merchant Processing Fees, which should be a COGS or an Expense (this varies by where you are located and your industry, check with your accountant if you are unsure).

However, what about those merchant accounts that take the percentage before you even get the money, similar to Paypal? This makes it more difficult to track, however, I do have an answer.

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Tags: Accountant, Accounting, Cash Receipts, Chase Paymentech, Checking Account, Checkout, Cogs, Credit Card Processing, Credit Cards, Google, Invoices, Lump Sum Fees, Matter Of Fact, Merchant Account, Merchant Accounts, Monies, Paypal Account, QuickBooks, Three Ways, Worry