Just wondering if I am missing an easier way to expense bank charges. We're using BankRec and when we record a deposit - it's for the full amount. But when it's interact or credit cards the deposit into the bank is less. So we match it in BankRec, with a difference. When you post the bank as reconciled, these differences go into a general ledger batch but to a default clearing account. Is there some way we can categorize these differences as we do them in BankRec, so that they go to different accounts we use, instead of having to edit the batch after it goes to the ledger?

Barb:

I'm assuming you mean that your credit card provider deducts their commission from every deposit and the process that you are describing is to Clear the deposits with error. This error amount becomes a batch entry to GL. The account number is the GL Error Account defined in Edit Banks Series Tab. I'm assuming that the assigned account is your clearing account.

There is a way to setup BankRec to automatically calculate and deduct the commission but as the rate changes with each different type of credit card this doesn't work.

Hello Barb,

You might want to review this document to see whether it helps clarify how you might set up BankRec, Payables and Ledger.

I know that the discount rate changes by different credit card types within a single brand, but the automatic calculation works fine for EFT and PAD (pre-Authorized Debit). Even within a credit card brand, the fixed percentage may be adequate if the discrepancies are not material.