Credit card payments are posted to a suspense account. You then use the Deposit function in SAP Business One to post the funds to the bank account and clear the suspense account when the statement is received from Credit Card company.
This example displays the postings made by an incoming credit card payment and deposit.
Incoming Credit Card Payment from Customer: Debit on credit card clearing account, credit on customer account
Check Deposit: Debit on bank account, credit on credit card clearing account
When statement are received, the deposit function will be processed in SAP to deposit funds into bank, clear the suspense account, and record credit card service fees.
Journal Entry posted for Credit Card Deposit
Note: If you want to display the Credit Card deposit as one line in the Bank Reconciliation, deselect the setting for Credit Deposits under Document Settings -> Deposit window.
This procedure is important to keep your suspense accounts balacnes, your bank balances accurate and to properly account for your credit card expense. If you have any questions about this procedue contact us.
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