Once the credit card payments for the current date have been entered into the system, the Deposit Management program can be used to check the credit card payment totals in the system against the amount processed by your credit card processor. The total shown in the Deposit Management program is the total amount of the payments charged on your customers credit cards. Any fee that is applied by your credit card processor is recorded in a separate step. Currently, credit card fees are recorded using the Bank Management program (by entering a Miscellaneous Charge transaction and posting it to the credit card fee account in the GL), or using the Journal Entry program (entering a manual je). A future release will also support recording the credit card fees from inside of deposit management (so you see the correct net amount being deposited in the General Ledger cash account).
Once you have verified – or corrected and then verified the deposit totals for the credit card payments, the Deposit program is used to record the deposit from the credit card payments into the appropriate general ledger cash account. The deposit program assigns a unique deposit number to the batch being processed, and it makes a journal entry to the general ledger credit card clearing account and the cash (bank) account used for the deposit.