Bank Statement Import - Accommodate Credit Card Swipe

1

Hi All,

We have many credit card swipes on a daily basis in our business. While importing Bank statements we need to Cross reference the Credit card number to the Invoice.

An Import rule will not be of any help there. If we could capture or record the credit card used for swiping while making the invoice. And while importing a Bank statement have a rule that matched this Field on the invoice and then changed payments as cleared. It would save traders a lot of time.

Also during Bank imports Rule should allow Splitting of Entries.

For Example. Customer Purchases Gold worth INR 1000. He swipes his Bank Credit/ Debit Card.
While payment is received, Bank deducts 1.5 % or 1% depending on the Bank / Card.
Hence when Importing the Bank Statement, I would require INR 990 to go to Sales Income and INR 10 to go to Bank Credit Card Charges.

Similarly when I repay a loan with an EMI of INR 50,000
I would like 40,000 to go toward reducing my Principal amount under liability and 10,000 to be recorded as an Loan Interest Expense.
Such features can be incorporated into the Bank statement import. It would be very helpful.

2

No, you require 1000 to the Sales Income and -10 (minus 10) to the Credit card Charges being a nett 990.

Search the Forum for PayPal Fees, there is a similar solution but it maybe only applicable to importing PayPal statements.

If the customer is paying at the time of the purchase, why not make it a Cash Sale (Receive Money) instead of a Sales Invoice then you don’t need to know the credit card number.

If you did this, then you would setup a Cash Account called Credit Card Sales and use the Receive Money from there. With the import bank statement, allocate all the credit card transactions (via bank rules) to a BS- Assets - Credit Card Clearing account.

At the end of the month the Cash Account - Credit Card Sales account could have a balance of 6000 and the Credit Card Clearing account a balance of 5940 with the difference being fees.

So you would do a Credit Card Sales - Spend Money for 6000 with two account lines, Credit Card Clearing 5940 and Credit Card Charges 60 to clear the transactions ready for the next month.

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