American Express Used to Receive a Payment

American Express takes a percent “off the top” of each transaction.  Profits Plus doesn't automatically adjust for this, therefore it must be done manually.

Step 1.   Go to -

• Accounts Receivable (Module 2)
  • System Management Functions  (Task 32)
    • Modify Parameter Files (Sub-task 22)
      • A/R General (Option 1)
        • Look for the parameter:    POST'TO'AP=N     it should be set to N.  This indicates that deposits should not post automatically to the A/P check account.

Note:  This action will affect ALL A/R deposits.  If using the Checking Account functionality, then ALL deposits will have to be manually entered into the Check Account (Task 20) in A/P.
 
Step 2.   Manually add up the American Express slips and calculate the percentage that the bank is going to take off.
 

Step 3. 

• Accounts Receivable (Module 2)
  • Cash Receipts Entry & Editing (Task 2)
    • On the same day the American Express transactions are accepted as payment, enter a transaction for the percentage that the bank is going to take off.
      • Use customer #99999
      • In field #14 (G/L act #)  Enter in the G/L # that is used for bank charges or credit card charges from bank.
      • In field #15 (G/L act #)  Enter in the calculated amount, as a negative.

Step 4.   If Profits Plus is used to balance the checking account

• Accounts Payable (Module 3)
  • Check Account (Task 20)
    • Enter New Check Record (Sub-task 1)

When the deposits are entered for the day, the American Express total will be minus the calculated percent.