Tracking Visa® and MasterCard® Ppayments

Overview

Tracking sales with Merchant transactions involves 2 steps:  creating a cash account, and then tracking the transactions, explained below. Instructions differ if you use invoices or do not use invoices

Instructions

  1. Multiple deposits might be lumped into single deposits to your checking account. If you do not download from your bank you can enter these transactions manually and compare to your paper statement.
  2. When your deposits include multiple credit card payments, you can use the Intuit Merchant Account Services tool to see what payments were included in the deposit. You can then reconcile your cash account and see what payments are left to be received.

Tracking transactions if you use invoices

  1. Create an invoice for the customer:
    1. Open the Invoice register:
      • In Quicken 2010 and newer: Click on the Account Actions drop-down menu, then select New Customer Invoice.
      • In Quicken 2009: Click Create New drop-down menu at the top, and then select Invoice.
    2. Click the Customer drop-down arrow and select the customer name.
    3. Enter all information, and then click Save and New or Save and Done to record the invoice.
  2. Create the payment:
    1. Open the Invoice register:
      1. In Quicken 2010 and newer: Click on the Account Actions drop-down menu, then select New Customer Payment.
      2. In Quicken 2009: Click Create New drop-down menu at the top, and then select Invoice.
    2. Click the Customer drop-down arrow and select the customer name.
    3. Click the Deposit To drop-down arrow and select the  cash account you created for payments received.
    4. In Outstanding Invoices, select the invoice to pay.
    5. Click Enter to record the transaction.
  3. Record the deposit:
    1. Open the Checking account register and select the Downloaded Transactions tab at the bottom.
    2. In the Downloaded Transactions window, compare the downloaded transactions from your credit card.
    3. Change the category to the name of the cash account you created for payments received and click Accept to accept the transaction as a transfer.
  4. Record the credit card fee by accepting or recording an expense transaction in the cash account using the category Biz Misc, the recognized category for credit card fees.
    Fees for credit card transactions download separately.
  5. In the cash account you created for payments received, there should be a balance equaling the amount of the fees. Enter a Misc category to zero the account balance.

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Tracking transactions if you do not use invoices

  1. Enter the sales transaction manually.
    To record the fee for the credit card transaction, make the category a split transaction. Use the Biz Misc category for the fee. Enter the fee as a negative amount, subtracting from the Gross total to give a Net Receivable into the cash account you created.
  2. Record the deposit:
    1. Open the Checking account register and select the Downloaded Transactions tab at the bottom.
    2. In the Downloaded Transactions window, compare the downloaded transactions from your credit card.
    3. Change the category to the name of the cash account you created for payments received and click Accept to accept the transaction as a transfer.
  3. Record the credit card fee by accepting or recording an expense transaction in the cash account using the category Biz Misc, the recognized category for credit card fees.
  4. In the cash account you created for payments received, there should be a balance equaling the amount of the fees. Enter a Misc category to zero the account balance.

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Tip: To find out which version of Quicken you are using, open Quicken go to Help menu and select About Quicken.