If your credit card company
is debiting your escrow account for the fees, you should be writing a check
into escrow every month to cover the deficit.
To determine the amount of
your check, go to Accounting ~> Payables, and then ask for a report for your
company (usually the Vendor for the Credit Card Fee account). Get your total of Credit Card Fees collected
from the owners from the report.
Get your credit card
statements together and determine the total of the fees that have been charged
to that account.
Debited
Credit Card Company Fees
- Amount Collected From Owners
Total Owed
from Operating to Escrow
Write a check from TCS
Payables just for credit card fees due from the owners. Post that check. Go to the TCS Bank Ledger and Void the check (this effectively
leaves the money in the escrow account).
Write a check from your operating account for the difference between
what the owners paid and the actual fees.
This represents credit card fees being deducted from the
same escrow account where the credit card deposits are made. The best scenario is to have your credit
card fees debited from your Operating Account and then actually write checks
from the Owners for their share for you to deposit into that operating account.
Fees CC Company
________ American
Express
________ Discover
________ MasterCard
________ Visa
________ Total Fees
-_______ Total
Collected From Owners
________ Amount Due to
Escrow Account from Operating
TCS
Reservations 6/06