Summary
This article advises on what to do on a sales invoice if you need to charge customers credit card merchant fees for Visa or Mastercard.
Resolution
Important:
- Before charging credit card merchant fees to customers on sales invoices, you must seek guidance from your credit card company.
Steps:
- In an existing sales invoice, create a new line item.
- Enter a Description such as "Credit Card Merchant Fees".
- Manually calculate the percentage amount type in the charge in the Amount column.
- Click the Calculator icon to open the Windows calculator
- Enter your subtotal amount multiplied by your prescribed merchant fee percentage in the calculator
- $100 x 0.024 (2.4%) = $2.40
- $100 x 0.024 (2.4%) = $2.40
- Click the Calculator icon to open the Windows calculator
- Select an appropriate Revenue account in the Account column.
- Ensure that there’s no tax selected in the Tax column
Example:
Related Solutions
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