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separating Merchant Deposits
Good Morning! I had some thoughts last night and was hoping that some more advanced users might have some opinions or guidance to offer on these ideas....
For Merchant Deposits, I could setup a separate Bank Account for each Payment Type (Mastercard, Visa, Discover), and let the individual corresponding transactions flow into these specific accounts. Then, once a month I could do a general journal entry to adjust amounts based on the Merchant Statements...
CR "Visa Payment Type -- Bank Acct"
DR gl#1000 Checking Acct
DR Merchant Fees Expense
DR any other expenses to write off
Doing this general journal entry transaction would then allow gl#1000 Checking Acct to be easily reconciled monthly, because the lumped deposits from the Merchant could be better tracked. And the floating "balances" in each of the Bank Accts for the Merchants (Visa, Mastercard, etc) could be monitored to see if anything is way out of whack, but I would not have to reconcile each individual transaction posting to these accounts (hundreds per week). I would not really "reconcile" these credit card payment Bank Accts other than to look at total debits and total credits for a month at a time.