We do what Jesse said - enter the credit cards as sales receipts. We only create invoices when we have an advance paymnent (in the case of a full house booking) or for some of our business guests who need an itemized receipt marked paid in order to be reimbursed. We do have to reconcile individual transactions to each batch processed, though - we keep the batch printout with the individual credit card slips until we reconcile each month so that we can easily process them..
muirford said:
We do have to reconcile individual transactions to each batch processed, though - we keep the batch printout with the individual credit card slips until we reconcile each month so that we can easily process them.
Do you record your batch as a deposit? That's the way it goes into our bank account. I guess I need to not think of individual transactions, but rather the batch as a group of transactions and also as the amount that will be deposited and reconcile that using that figure. Does that sound right?
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That's right - we don't record the batch as a deposit. (Actually my DH does this, and he says it took him a while to find a process that worked comfortably). We enter each customer sale into the sales receipts and that money moves to the undeposited cash account. When we get the credit card statement and the bank statement, he uses those together to reconcile them and move the money into the deposited cash account. He uses the batch processing record from each day to match against the deposits, then he can see which individual transactions should be cleared from the undeposited cash account.
This way wouldn't necessarily work for anybody depending on your cash flow situation. In the early days he had to be comfortable sometimes showing a negative balance in the checking account even though we knew three or four weeks of receipts were really in the bank account but not reconciled in Quickbooks yet. We don't have that problem now but it is something to be aware of.
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