How TransFirst Fees Are Recorded For An Order

Order Information:

  • An order for $200 in spirit wear is placed and paid for on Monday, August 3 at noon.  
  • It clears by 5:00 pm on Monday evening. 
  • $200 will be deposited into your designated bank account for TransFirst on Tuesday.
  • On September 10 (could be the 8th - 10th) the transaction fees for the order will be deducted from your account. 

From a bookkeeping perspective here is how this same transaction will look:

When the Order Is Completed:

  • Income account - spirit wear:  increases $200
  • Asset account for TF deposits:  increases $200
We estimate the fees that you will owe for your TF transaction fees at $3.75.  This is an estimate because there will be additional fees for non-qualified transactions.
  • Liability account for TF Fees: increases $3.75
  • Expense account for TF Fees:  increases $3.75

Recording TransFirst Fees:

On September 10 you will have an automatic withdrawal for the transaction fees. It is $3.80 so you will make the following manual entry:

  • Decrease checking:  $3.80
  • Decrease liability:   $3.75
  • Increase Expense TransFirst Fees:  $0.05

This takes into account the additional fees of $0.05 that we are unable to predict at the time of the transaction.