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garry
Posts: 858
From: Northern Territory Outback Australia
Status: offline
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2checkout accounting - 5/17/2003 22:44:12
Hi Guys
We have been using 2checkout for a while, but as tax time looms, we are having difficulty with the systems actual sales to actual payments.
I have no problems with the Company
Ie that withholding amount throws things out a bit .
Users will know what I mean.
Are all shopping systems like this (do they with hold a portion of sales until next sale) if so how do you get by with the books??
The only way I can explain it to the tax man is to have correlating print outs to give them an idea of where $$ come from as nothing will ever match up in a simple over the counter transaction.
Any thoughts?? or wait until the audit ?
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bbrunt
Posts: 124
From: SC USA
Status: offline
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RE: 2checkout accounting - 5/18/2003 11:39:35
Don' t use that company, but are you talking about the percentage that they keep as their fee? If you, you should look on your info for the percentage that you are charged. It should be consistent for every charge. Also, what about other charges that you incur...chargebacks...make sure you are accounting for those as well.
bb
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cooper
Posts: 773
From: Woburn MA USA
Status: offline
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RE: 2checkout accounting - 5/19/2003 8:13:34
garry,
Fellow 2checkout user... the withholding, for everyone' s knowledge is a percentage of sales they hold for X number of days to guard against chargebacks. This is in addition to the 5.5% they take off the top.
The way we do it is log the full sale (less the 2checkout transaction fee) in our books, but list the % they hold (I am drawing a blank on the number as I type) as income that is not realized or received until the holding period ends.
It' s a manual process, but our accountant understands it and is willing to stand by us in the event of a audit. I hope this helps!
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Cooper
BAC Web Design - Tools & Templates - Buck A Ball - Stopspamstop.com
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coreybryant
Posts: 2422
Joined: 3/17/2002
From: Castle Rock CO USA
Status: offline
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RE: 2checkout accounting - 5/29/2003 12:50:47
Some companies have a policy on charging a reserve for a certain amount of time until you cancel the contract even. I have seen it as high as 25-35%. Maybe this is what you are speaking of along with the discount rate and transaction rate as well. A friend of mine - his company was getting a merchant account & one company wanted to charge him 25% for 6 months - meaning that it would be 6 months before he would see that money. If you not happy with the reserve - check with other companies. There are other companies out there that might be able to get you a much better rate (than 5.5%) and no reserve.
Corey
< Message edited by coreybryant -- 5/29/2003 9:51 AM >
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Corey R. Bryant
Merchant Accounts | Toll Free Numbers | My Blog | Expression Web Blog
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