The next business day after processing credit card payments, funds should deposit into your nominated bank account as a lump sum (combined amount).
The amount received should be equal to the total of all successful credit card charges, plus any merchant fees you charged to your clients.
Some credit card receipts (such as American Express deductions) may take more than one day to deposit to your account (processing delay).
No data entry to Ardex is needed, all bank deposits will have been recorded automatically at time of credit card processing.
Just go to Reporting > Reconcile Bank and tick off all the deposits that make up the total received.
If you can’t work out which combination of deposits to tick to match the amount received, log in to your online merchant dashboard to check (login instructions provided on Epay setup).
At the end of each month, there will be a deduction from your bank account to cover bank merchant fees charged on transactions for that month.
Account for this withdrawal via Finance > Payments and set payment type to ‘Other’ then select your Merchant Fees expense account (see screenshot on next page).
Note: GST is normally charged on merchant fees (unlike bank fees) so tax code should be set to GST to recognise GST paid.
Accounting for the Merchant Fees deduction from your bank account:
Tip: Whether you charge a merchant fee to your clients, in addition to their statement total, is up to you. By default no charges will be generated unless you request it (and specify the % to be charged). However, the merchant fee charged to your account per month is not avoidable, and will vary depending on the value of credit card payments processed via Epay in the month.