I've read through a few posts on this and some knowledge base articles on the QB website, but I'm still baffled and am hoping some kind soul will help me out. Up front let me say that I'm a bit thick when it comes to accounting.
I use QB2003 Basic and have subscribed to IMS, Intuit Merchant Services, which means I get to download my transactions and fees (assuming I do it in their 24-hour window, something they don't explain real clearly up front).
Let me explain first how we did the business pre-CC processing. Our customers pay us in cash or check and we make out a handwritten generic sales receipt at the counter. They get a copy and so do we. Because we are a low-volume personal service business, we would wait until the end of the week to hand enter all of the customer sales receipts using the QB Sales Receipt interface, use the Make Deposit screen to make the deposit, and then of course actually bring the deposit to the bank. So, there was absolutely no POS processing going on.
Now, besides the cash/check transactions, I have CC transactions. There is still no QB POS processing happening. We make the paper receipt as usual and process their credit card on a terminal. We staple the terminal receipt to the paper receipt and still have to enter the official QB Sales Receipts like we used to at the end of the week.
Here's how I initially set up the download interface. I chose to save downloaded transactions as Sales Receipts (SR) and I set up a non-taxable, non-inventory item called Credit Card Download to use as the item for each transaction line item in the Sales Receipt. When I do a download, all transactions in the batch end up on a single SR but as separate line items, the funds end up in the Undeposited Funds account, and the fees go into the checking account register as Bank Fees.
So here's my problem: At the end of the day or week, I still need to enter our paper receipts into QB as SRs so I can track customer activity and such, but I have no idea how to assign the CC transaction money now in undeposited funds to the SRs I create. I also don't know what to do with the SR created by the download, if anything. Another option I have on the download end is to save downloaded transactions as deposits, and that may be a better choice for my business model. Don't know. OK, I'll leave it here for now. If someone can help, I'll provide additional info as needed. Thanks! -- tom c