Since the General Ledger Cash Account is basicly the Check Register, all transactions posted to a cash account should flow to the bank rec. This would include credit card settlement account rather in gross or net. Being able to enter random transactions within bank rec in order to balance does not prove your balance to the check register. Seems like a very very basic functions.
by: Stacey G. | over a year ago | Financial Management
Comments
It does not sound like you are using the correct processes. Your credit card transactions should go to an asset account, a "credit card clearing account". Then when those transactions settle, you make a transaction journal entry (or cash receipt) to debit cash and credit the clearing account.
I would like to see an option to have Credit Card cash receipts flow into the Bank Rec module, at the company level.
Using Transaction Journal Entry to post credit card batches to Bank Rec is a bad way to do it. The process should show a screen of cc transactions that you can group together and make into a daily deposit amount that will post to Bank Rec.
See https://www5.v1ideas.com/TheSageGroupplc/Sage100ERP/Idea/Detail/11992
How do you find credit card transactions on a cash receipts report??
Should be part of the program
Anytime a transaction affects the cash account, it NEEDS to be in the Bank Reconciliation! This is not rocket science, this is high school accounting class. And having to come on this site and vote for something that is so basic is very disheartening, makes me wonder have we made the biggest mistake of our lives choosing SAGE software?
Using Transaction Journal Entry to post credit card batches to Bank Rec is a bad way to do it. The process should show a screen of cc transactions that you can group together and make into a daily deposit amount that will post to Bank Rec. I completely agree with the posting Caleb W. stated. When I used Heartland cc processing, I would pull the batch in their site and just post it in quickbooks as a deposit. No more complicated than that. Now that I'm using Sage, it's much more work and too many steps. I would like this simplified.
Should absolutely be part of the program. If you have a GL acct set up as a bank account, the transactions should hit bank rec. End of story.
I agree with a separate Asset account as it does help reconcile if out of balance to actual settlement, and also agree that a method to select CC transactions so a total is posted to the bank reconciliation would be helpful.
I think the reason why daily CC transactions are no longer enter into bank rec are because they can now come from many areas in Sage 100. Example: SO daily update, this report only shows you the CC transactions processed during Sales order entry / SO Invoice data entry. Maybe you did a CC transaction through Cash Receipts too that day. It used to be that you would get 2 deposits into your bank account, 1 for VISA/MC and one for AMEX. Now we only get 1 deposit for ALL. Since CC transactions can happen in multiple areas now in Sage, you wouldn't want 2 or more entries in bank rec for the same day if your bank statement is only going to show 1 deposit total for each batch out (more work to try and reconcile). All CC transactions, regardless of which area they happened will still post to the GL properly.
What we do is each morning we run the Credit Card settlement report from AR for the previous day and compare this to the e-mail we get when our merchant service company batches out each night. Once we confirm the 2 match, we enter what the deposit amount will be in bank rec for reconciliation purposes.
Give companies an option to turn on CC deposits from Cash Receipts Journal update to post to Bank Rec. Put the option in AR Options. This will give companies the ability to choose how those CC deposits are handled within Sage 100.