Credit Cards Tab

Use the Credit Card tab of the DSR Definitions screen to define accounts and discount rates for credit card receipts entered in the DSR (Daily Sales Report). This tab is optional. However, if you enter a Bank Code for a card type, you must also enter a DR Acct # and CR Bank Code for the card type.

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Description of fields:

• Payment Type Select a payment type from the drop-down list. List items are defined in the Payment Types screen.

• Bank Rec Abbrev. Enter an abbreviation to display in the bank reconciliation screen. When a deposit is made for that card, it will show up in the bank reconciliation screen in the Type column using the abbreviation you create here.

• Bank Code The bank account to be debited for the credit card receipt. If you are using another restaurant or an accounting entity to receive the payments or pay the fee for any credit card company, specify its bank account code here, instead of the restaurant’s bank account.

• Rate (optional) If using, enter the percentage of each charge paid to the credit card company as a fee. Setting up the credit card fees here will cause your credit card fees to post daily to the general ledger and to the bank reconciliation screen.

• DR Acct # (only specify if you enter a rate above) The account to be debited for the credit card fee.

• CR Bank Code The bank account to be credited for the credit card fee.

• Book Receipts The method for recording credit card charges in the GL; can be either of the following:

• Net:   Record the net charge (less the fee) to the credit card receivable account. The journal entry will be similar to the following:

• Gross:   Record the gross charge (including the fee) and the fee as two entries to the credit card receivable account and the offsetting accounts. The journal entry will be similar to the following: