CREDIT CARD RECONCILIATION

 

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