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How to record Journal Entries for Credit Card Batches?

By
Andrew
on 3/28/13, 3:55 PM 2,314 views

Our CC machine company sends my bookkeeper a single amount per batch of credit card transactions. Is there an easy way to split that entry to allow for reconciliation? Thanks

Might I goto a Journal Entry and trash the transfer and manually separate it as different line items for each transaction?

Andrew
on 3/28/13, 4:02 PM
0
Fabrice Henrion (fhe)
On 3/28/13, 11:52 PM

We are working on the module account_deposit. It will allow to handle deposit tickets and credit card batches. We'll write a blog post when it's ready. Stay tuned. In the meantime, you can follow the development here: https://code.launchpad.net/~openerp-dev/openobject-addons/trunk-account_deposit-jam. It is a work in progress, so no need to test or report anything for now.

0

You should have:

  • 2 journals: CC payments, Bank
  • 3 accounts: customer receivables, CC, Bank

Then:

  • when the customer pays with a credit card (upon reception of a confirmation email by the CC company): pay and reconcile the invoice with the journal "CC payments". (receivables -> CC)
  • when you record your bank statements, when you have a batch of payments, you do a transaction and record the CC fees at that time (CC -> bank)

Yoy may (or not, it's not required) reconcile the CC account, depending if you trust or not the CC company.

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Asked: 3/28/13, 3:55 PM
Seen: 2314 times
Last updated: 3/16/15, 8:10 AM