Recording TransFirst Transaction Fees
Once a month, typically around the 10th, the transaction fees for the previous month will be deducted from your TransFirst Asset Account (probably your checking account.) You will need to manually record the withdrawal.
Membership Toolkit estimates the TransFirst fees for online transactions and records those fees into your TF liability and expense account. Your total fees will be more than what has been estimated.
Example: On May 10th TransFirst deducts $15.00 from your TF Asset Account. In your TF liability account you have $14.50. You will make the following manual Journal Entry:
· Decrease TransFirst Account: $15.00 (probably your checking account)
· Decrease TransFirst Liability Account: $14.50
· Increase TransFirst Expense Account: $0.50