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Use the Merchant Card Sweep process to deposit (sweeping) credit card transactions from your merchant bank account into the primary bank account. Cash drawers must be closed in order to capture and sweep credit card transactions into the bank since Merchant Card Sweep information comes directly from the Open Cash Drawer and Close Cash Drawer functions.
Step by Step:
Deposit credit card transactions
You should create a new Merchant Card Sweep for each credit card deposit transaction processed by your bank. This ensures that the bank account information in the application is accurate.
Step 1: Select the date and account
#1 Select Administration > Accounting > Banking > Merchant Card Sweep. The Merchant Card Sweep screen appears.
#2 Select the bank account where the credit card deposit was made.
- What if the bank account is not listed? Bank accounts are created and maintained using the Chart of Accounts screen. Only accounts with the This is a bank... box checked will appear in the drop down menu.
#3 Deposit Date - Select the date the credit card batch was deposited. This is also the date the deposit will post to the General Ledger.
#4 Click Next.
Step 2: Select the stores/departments
#1 Select the stores/departments that you want to make a deposit for.
- Select one store: Click Deselect All and select the correct store.
- Transactions in an open cash drawer session cannot be selected for deposit: Credit card payments cannot be deposited until the cash drawer session that includes those purchases is closed.
- Have all of the cash drawers at a store been closed? Click Cash Drawer Status to see a list of all cash drawers and the status of those drawers. This is a quick way to make sure that all of the cash drawers at a store have been closed.
#2 Click Next.
Step 3: Select transactions by payment method or payment card types
#1 Select the payment methods you want to sweep.
#2 Select the payment card types you want to sweep.
- This option is only available for customers that use Evosus Card Services.
#3 Click Next.
Step 4: Select transactions
#1 Select the transactions you want to sweep.
- Transactions are listed individually.
- Deposit each batch separately: The Batch column displays the batches that were deposited. We recommend that you deposit each batch separately so that the bank reconciliation matches the bank statement at the end of the month.
- Why is Unknown displayed in a column? If you do not use Evosus Card Services, Unknown appears in the Merchant ID, Batch, and Merchant columns, and the Details column does not display detailed information about the transaction.
- The SweepToBank column updates as you select the transactions. The total also appears in the upper right hand corner.
- You can manually override the SweepToBank amount. Any adjustments are posted to the Over/Under account.
- View/edit details: Double click a credit card transaction to view the transaction details. You can also edit information - for example, the payment method. You cannot change the payment method once the payment has been deposited.
- What if a transaction does not appear? The cash drawer that includes the purchase might not have been closed. Click Cash Drawer Status to see if the cash drawer session was closed, and then close the cash drawer.
#2 Click Next.
Step 5: (optional) Enter any merchant card discount fees
#1 Enter the merchant fee amounts if the deposit to your bank is reduced by the fee amount.
- Skip this step if you use Evosus Card Services: Skip this step if you use Evosus Card Services because the merchant discount fees are withheld as a lump sum at the end of the month. Use journal entries to enter the merchant fees instead.#2 There are two ways to enter merchant fees:
Option 1: Allocate to all deposits - Enter the fee amount in the Merchant Discount Fees field and click Allocate Merchant Fees. This prorates the fees across all card deposits.
Option 2: Manually enter fees on each deposit - Manually enter the fee amount in the Fee column for each card deposit.
#2 Click Next.
Step 6: Verify information before deposit is saved
#1 Review the information.
- The transactions are grouped and totaled by card type.
#2 (optional) Memo - Enter a memo if needed.
#3 Click Save Deposit.
#4 The Deposit Summary Report appears. It can be matched to the corresponding bank account at the end of the month for accuracy and reconciliation.
- You can also view this report using the Search Deposits screen.
Security Permissions Required
|Admin-Accounting||Can Access Accounting Tree Branch|
|Can Create Bank Deposits|
|Merchant Card Sweep||Bank Account||Merchant Clearing Account|
- Cash Drawer Activity (Administration > Reports > Accounting > Banking > Cash Drawer Activity Report): Detailed view of customer payments made for a specific date range.