Credit card reporting

[6t7gto]

http://taxes.about.com/od/businesstaxes/qt/cardreporting.htm

Will this be a can of worms?

 

[Washmee]

http://taxes.about.com/od/businesstaxes/qt/cardreporting.htm

Will this be a can of worms?

Is the government involved? Doh

 

[mjwalsh]

http://taxes.about.com/od/businesstaxes/qt/cardreporting.htm

Will this be a can of worms?

Could this be bit scary for country bumkins like some of us ---- & it appears to be a done deal! Here we thought that CC acceptance was going to be a way of avoiding becoming nonstop bean counters so we could focus on more worthwhile blood, sweat & tears!

On the other hand as long as the CC machines & their processes are flawless ----- I guess we might be ---- OK --- does that sound right?

I have committed to an ATM so it looks like that new done deal legal requirement could apply with the ATM also but maybe not as much??? I was a little bit wondering why the vendors I shopped with required so much information --- Patriot Act Forms etc. & more. It seems like some of the early termination ramifications on some processing agreements can have some pretty hefty potential costs involved. Lotsa fine print!

MJ

 

[JIMT]

Is this new requirement for what credit card companies report on what they pay us?

 

[Earl Weiss]

Reconciling credit card receipts on bank statements can be a huge PITA.

An accountant spoke to the Chicagoland association and suggested a seperate bank account used solely for credit card receipts. Makes reconciling receipts charges and chargebacks easier.

 

[mjwalsh]

Reconciling credit card receipts on bank statements can be a huge PITA.

An accountant spoke to the Chicagoland association and suggested a seperate bank account used solely for credit card receipts. Makes reconciling receipts charges and chargebacks easier.

Earl,

I agree that makes sense to have the dedicated account considering some earlier posts on this forum --- of mixups happening. I never did hear if every operator was taken care properly & the mixups were resolved & in a timely straightforward non demoralizing way. One vendor said that for my new ATM I should have two accounts dedicated just for the ATM. Two dedicated accounts I felt would not make sense & that I did not agree with. I could not decipher why he felt so strongly about two dedicated accounts just for the ATM --- I did not go with that particular vendor on my purchase.

Being an attorney you probably see plenty of situations where the most vulnerable amonst us sometimes get overwhelmed by both the government & even sometimes a corporation ----- manipulating their position. I am definitely not anti corporation & I acknowledge sometimes the reverse maybe true where a corporation could be on the receiving end of mismanagement from the little guy. What is that old saying "too much power can corrupt"? "Some handle power better than others"?

MJ

 

[Earl Weiss]

Earl,

One vendor said that for my new ATM I should have two accounts dedicated just for the ATM. Two dedicated accounts I felt would not make sense & that I did not agree with. I could not decipher why he felt so strongly about two dedicated accounts just for the ATM --- I did not go with that particular vendor on my purchase.

MJ

ATM agts can havea snake in the grass. Had several vendors want to "Lease' me one. Promised all sorts of guarnaties rebates and commissions that would cover the lease and make me $. When I looked at the "lease" it was really a third party financing vehicle worded as a lease. Problem is, if the ATM turned out not to work or their network folded, you still owed the $ to the third party. Despite assurances on how great the deal was I refused. Toldthe rep that if it was so great they should personaly do the lease with the third party and I would do a true lease with them.
Strange, they would never accept the great deal. On at least one of these I later got notice the vendor went BK.

I have let a couple of ATM companies put in a machine on a pure commission basis. They all puleed it out sometime later. Lack of use probably had something to do with being surrounded by banks.

 

[crewchief97]

credit cards

Reconciling credit card receipts on bank statements can be a huge PITA.

An accountant spoke to the Chicagoland association and suggested a seperate bank account used solely for credit card receipts. Makes reconciling receipts charges and chargebacks easier.

I've used a separate account for cc's for the last 20 years.

 

[soapy]

I have always made a line item in my accounts for CC sales. I take the monthly bank statement and subtract out the deposits I made in person and just make one entry per month for the entire CC deposits for that month. I also use one line item to deduct the CC fees. It is really not that hard to do.

 

[Greg Pack]

I have always made a line item in my accounts for CC sales. I take the monthly bank statement and subtract out the deposits I made in person and just make one entry per month for the entire CC deposits for that month. I also use one line item to deduct the CC fees. It is really not that hard to do.

I do the same. Works fine! Although now, I must go through and separate SS from IBA CC sales. I can still reconcile my bank account in 20 minutes or so.

 

[Earl Weiss]

I have always made a line item in my accounts for CC sales. I take the monthly bank statement and subtract out the deposits I made in person and just make one entry per month for the entire CC deposits for that month. I also use one line item to deduct the CC fees. It is really not that hard to do.

I could see doing this for a ss where I might make 1 or 2 deposits a week. But with the tunnels I deposit almost every day. With the Gasoline & Tunnel, for sure every day. I need to check each deposit I make 28-31 a month . I must confirm the deposits are correct. Have lots of stories I coul tell. Anywhere from reflecting $40,000.00 was $400,000 to $45.00 was $4500.00.)Then you have seperate deposits each day for Visa / Master, Am ex, diners, some fleet cards, and then you have the seperate charges and or chargebacks for each. So, you have the 28-31 physical deposts, a close to 100 CC deposits and then the charges. Then all the Charges and Charges backs. Difficult, no. PITA? yes.