BBMS Credit Card Fees

ingrid berkeczi

We use BBMS for our credit card transactions and reconcile once a week. I wanted to find out what is the best way to post the fee charged. Currently we post the credit card disbursement as is and then add a journal entry to credit cash and debit fees expense to account for the merchant fees. My question is: if this is the correct way or is there a better way to do this, because when we reconcile at end of month with the bank statement the total in Deposits on the statement do not match the total in deposits on the reconciliation and the same goes for the payments as well. How can I correct this?

Patrick Lunn

@ingrid berkeczi So, we have BBMS too, and we also have the link between RE and FE set up. I determined that the best way to do it was have the gross amount of the batch sent over from RE. I check it to make sure it matches the BBMS disbursement report, then I go in and edit the JE, debiting Licenses & Fees/Development and crediting Cash for the fee.

The total in Deposits and payments will never match your bank exactly this way, but I see no other way to do it, beyond me just entering each batch manually in Cash Receipts and entering the fee as a negative. I don't really care about that, as long as it reconciles. I know why the D's and P's don't match, and could prove it out if anyone asked. It's an annoying workaround, but it is what it is.

Roberta A. Gilbert

@Patrick Lunn
We also have RE and FE integrated, and we do exactly the same thing as you, Patrick. This allows our Development staff to concentrate on the gifts themselves, while we edit the unposted JE in FE to expense the merchant fees. It all nets out correctly, as far as the bank rec is concerned, so this is the most efficient way for us to record these.

Dawn Ariza

@Patrick Lunn
What qualifiers are you using to post from RE to FE? My RE team tells me they cannot post to match the deposits from BBMS due to time zone issues. I can match BBMS to the bank statements but RE users cannot tie to BBMS in RE so I cannot use the posting. Curious how you are managing the time zone issues if any? We are west coast US and the credit cards are being processed using east coast time.

ingrid berkeczi

@Patrick Lunn
Thank you, this is what I was told to do as well but my CFO is concerned that we may have an issue when the auditors review the reports. I just wanted to make sure if there is any other way that I may be missing.