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Tuesday, December 29, 2009

American Express Changes Deposit Method for Some Merchants-Quickbooks affected.

If your credit card merchant account is through Quickbooks Merchant Services their is an issue you should be aware of.  American Express is now batching with Visa and Matercard transactions in a single deposit for some of it's merchants.  As a result of this change, Quickbooks Merchant services has started submitting joint Visa, Mastercard and American Express transactions as a single bank deposit to the Quickbooks software when you use the automatic "Make Merchant Deposit" feature.

This AMEX change does not apply across the board for all merchants, so the Merchant service processing that is submitted to Quickbooks may not apply to you, as a QB merchant.  If your bank deposits for AMEX transactions still deposit to your bank separately from your VISA/MC transactions you will not be able to use the "Make Merchant Deposit" feature to record your funded batches.  Quickbooks merchant services is aware of this problem and they are working on a fix to be made sometime in 2010.

Use the Online Banking receive to download your bank transactions from your bank and then group your recorded credit card transactions based on the totals of the deposits.

Again, the problem only applies if Quickbooks Merchant Services is your credit card processing service.

This material is for informational purposes only and not intended and financial, legal or tax advice. Please consult your finance, legal or tax professional to confirm the accuracy of all information. Quickbooks is a registered product of Intuit.

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