When posting a credit card payment via the Cash Receipts function in MAS 200, add a check box that would cause automatic posting of the cash receipt to the customer's account (credit), but then create a second posting (debit) to a customer account under the name of the credit card processor. When settlement of the credit card transaction occurs with the bank, the credit card processor's payment could then be applied as an additional cash receipt under the customer account of the credit card processor. This would much better allow the receivable to be shifted onto the credit card processor until actual payment is received by our bank.
by: Patty B. | over a year ago | Financial Management
Comments
I can see that this could be implemented in a similar fashion to how credit card reconciliation in MAS 500 works. For example, create a separate table (does not have to be a true "customer" account) that you use to reconcile against.
And at same time we should be able to have the option to choose to credit to the credit card or credit to their account. Because some companies ONLY give credit on their account only. They don't give back credit to their credit card.