Handling Credit Card Processing Fees Using a Bank Account
One method that gives you control over your credit card receipts is to create a clearing account as a Bank Account in Big Business to which you deposit the full amount of each Receive Money. As these funds are captured and deposited in batches you can transfer to the appropriate Bank Account the net amount of the deposit.
Issues such as discounts, processing fees, any delay imposed by your merchant service, and so on, can be easily managed. Since in effect you maintain an "account" with your merchant service, the ability to reconcile this account may benefit you. (3191)
Create a clearing account using the Bank Card tool that you specify the Bank Account Type as "Checking ", which creates a Current Asset. Using a Bank Account Type of Credit Card will create a Current Liability, which should only be used for Credit Card accounts where you are the cardholder (except in the case of a debit card, which is really a checking account).
Record Receive Money transactions (credit card captures) in their face amount and deposits (settlements) in the correct total.
As funds are deposited to a real bank account (usually a day or two later), record a Transfer between your credit card clearing account and your deposit account, in the net amount (less credit card discount). The remaining balance in the credit card clearing account can then be used to "pay" a Bill from the processor, or Balance Adjusted out of the account, as you see fit.
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