Recording Deposits for Mobile Card Readers


To record deposits for swiped transactions, we recommend the following steps. These instructions are for deposits that are recorded in your checking account and the transaction fees have already been reflected in the deposit.  (examples, PayPal or Square deposits)


Two Transactions Will Be Recorded

#1 - Record the sale as a deposit of funds into the asset account for the swipe merchant.

#2 - Record the deposit of funds into the checking account and the expense fees.


Steps to Record Transactions:

Example: 



      • $400 collected in swiped transactions at onsite event for spirit wear
      • $10 in transaction fees
      • $390 deposited into your checking account


1.  Create an asset account for the PayPal or Square account if needed.

 

2.  Transaction #1 should be recorded as:


    • From the Accounting / Summary screen choose "receive misc payment" button.
    • Change the received funds into - to the PayPal or Square asset account that you created.
    • Change the receipt type to swipe if you want to record as swiped transaction
    • Ledger income for Spirit Wear - $400

You are recording that $400 was received into your asset account for the spirit wear sales.


3. Transaction #2 will record the deposit into your checking and recognize the fees.

    • From the Accounting / Summary tab, select "journal entry" button.
    • Decrease the PayPal / Square account by $400
    • Increase Checking by $390.00
    • Increase Expense Fees for credit card transactions by $10.00

Mobile Card Readers

If you are using the PayPal, TransFirst or Swipe mobile card readers, you will need to enter these transactions into your financials. These sales are not automatically recorded.

 

PayPal Swiped Transactions 

1. Record individual orders for contacts (if you choose to do so.)

2. Go to Accounting /  Summary and select "receive misc payment" button to create a miscellaneous receipt for transactions that are not entered as an individual order. 

3. Add a deposit to your PayPal account.
4. Record an expense to your PayPal account for transaction fees. 

 

TransFirst Swiped Transactions 

1. Record individual orders for contacts (if you choose to do so.)

2. Go to Accounting /  Summary and select "receive misc payment" button to create a miscellaneous receipt for transactions that are not entered as an individual order.

3. Add a deposit to your checking or savings account that you are using for TransFirst deposits.

 

TransFirst Transaction Fees

You will also need to record the transaction fees associated with the TransFirst swiped transactions. Choose either to estimate and record them now or record them when they are withdrawn from your account.

 

Record a journal entry adjustment increasing the Credit Card Transaction Expense Fees and Liability accounts.



Stripe Swiped Transactions 

1. Record individual orders for contacts (if you choose to do so.)

2. Go to Accounting /  Summary and select "receive misc payment" button to create a miscellaneous receipt for transactions that are not entered as an individual order. 

3. Add a deposit to your Stripe account.
4. Record an expense to your Stripe account for transaction fees.