Using TransFirst with the Accounting Tools
TransFirst Asset Account
If you are using TransFirst for online purchases, you do NOT need to create an Asset Account for TransFirst. TransFirst will deposit money directly into your checking or savings account. This is controlled in the Accounting Configuration.
TransFirst Accounting Set-Up
TransFirst sweeps all funds into your designated account daily. Once a month they withdrawal the transaction fees associated with the orders from the previous month.
Example of the process for online TransFirst transactions:
Amy purchases $25 of spirit wear and makes a payment online using TransFirst. This incurs an expense of $0.51 for transaction fees. (1.85% + $0.05)
- Spirit wear income budget line item is increased $25
- The savings account (which has been identified as the account where TransFirst deposits funds) will be increased by $25.
- TransFirst Liability account is increased $0.51.
- The expense account for TransFirst expenses will be increased $0.51.
Configuration for TransFirst Account
Go to Accounting / Configuration and identify which asset and expense accounts will be used for your TransFirst transactions.
TransFirst Deposit Asset Account.
Select an asset account for the TransFirst deposits. (Usually this will be your Main Checking Account)
TransFirst Liability Account
Select a liability account for the TransFirst transaction fees due. The default for this is #2910.
TransFirst Expense Account
Select an expense account where your fees associated with TransFirst transactions will be accumulated.
*For more information on how to record your TransFirst expenses, see our article on Recording TransFirst Transaction Fees.