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My staff is wasting a lot of time reconciling credit card payments, and separate out the credit card charges for proper recording in the General Ledger, as well as matching my sales revenue with collection. Do you have better way of doing this?

posted Sep 5, 2008, 9:18 AM by Unknown user

Most of the retail chain stores and franchises provide customers multiple payment methods, either with cash, cheque, credit card and so on. Different bank has different charges, there's also easy payment schemes with ZERO percent interests. Sometimes, due to the low margin of the product and services, additional surcharge would have to be imposed on customers who use credit card, this result in several implications, one of it is violating the credit card company policies that the surcharge should be absorb by the merchant.

 

Essentially, our objectives:

1) To provide the Point of Sales cashiers an easy way to record the credit card collections.

2) Taking into considerations if surcharge were to be imposed to customers to maintain gross margin, especially for consumer electronics retailers where margin is low.

3) To accurately record credit card charges without having additional human resources to separate out the credit card charges, and easy reconciliation with the banks (banks only pay net amount after finance charges).

 

 

Before we continue the discussion, it is important that the reader familiarize themselves with the following terminology:

 

Cash book

General Ledger

Easy Payment Scheme

Payment Mode

 

SURCHARGE TO THE CUSTOMERS

 create an item code - PROCESSING FEE rather than CARD-CHARGES

 

COMPANY ABSORB FINANCE CHARGES

configure cashbooks

 

EASY PAYMENT SCHEME

 

BANK RECONCILIATION

 

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