Credit card batch deposit

I’m trying to figure out the best way to record credit card deposits where my merchant provider does daily discount.

Here is the scenario

  1. customer pays invoice for $100
  2. merchant processor deposits $99 and $1 is fees

Now I know how to do this if it is a single payment, but if there are multiple payments in a single day, we receive only one deposit. There may be three or four transactions as described above, so our bank deposit will be ($99 x 4). I would like the deposit to match both in Manager and on my bank statement.

I am currently doing manual journal entries into a “undeposited funds” account then out of that into my checking account but it is many steps compared to the receive money button. Is there a better way or more efficient way to do this?

My other thought was to just record each payment individually but that causes discrepancies in deposit totals from bank to manager.

why not enter it as a single receipt with separate line items for each transaction?
you can add any number of lines in a single receipt.

That was a thought that crossed my mind but it doesn’t address the multiple dates issue. I would like to keep info on both the actual payment date and the deposit date.

For example a customer pays today (Sunday) their payment should be recorded today but we won’t see it until Tuesday, so if possible I would like to keep this information.

We came off of quick books which had a group with function for multiple deposits like this.

The other wrench I see here is our Tuesday batch deposit will include Friday, Saturday and Sunday payments.

you can setup a clearing account for this and then transfer the amount to your original account using Inter Account Transfers.

in the clearing account you can enter the date of payment and set its status as pending. then when you receive the deposit, set it to cleared and then do the bulk amount transfer to the other account with the same clearance date.

That’s it! I knew a clearing account would be involved, just wasn’t sure where the fees would get recorded.

I will record the payment to the invoice with a second line for processing fees, then transfer from clearing account to main checking account.

Thanks for your help!

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