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How do you classify credit card membership

Posted on 2010-09-21
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Last Modified: 2012-05-10
Hi guys
a quick question
I have an account in quickbooks to record all fees from my merchant account, which Credit card fees, now we have a business credit card and we pay an annual membership fee should i record this under Membership account or under Credit Card fees.

Please advise

thanks
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Question by:titorober23
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Assisted Solution

by:SBA_Services_AZ
SBA_Services_AZ earned 50 total points
ID: 33729745
You may want to talk to your tax professional for their advise. (I am not a CPA)

If you already have a "Membership" account, I would use that for this fee and note in the Memo field what it's for. If this is the only 'Membership Fee' you have, then I would leave it with you CC fees just make sure to note in the memo field. You can always move things if you need to when you talk to your tax professional.
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titorober23 earned 0 total points
ID: 33733542
When you set up quickbooks you can define your accounts and the purpose of each according to your company, but i would like to know based on your experience which one should be more appropiate
I may use Membership when i am paying to be a member of a selected group that will provide me or the organization any kind of reward. I see this more as an investment(I know is an expense)
CC fee i will be reflected as an expense but I want also to reflect that it's a fee that i am paying to the cc services.

So i am not sure what is the proper way to do it.

Please advise

thanks
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Author Closing Comment

by:titorober23
ID: 35067397
I did not get a better answer than what i already knew before posting the question
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