Solved

How do you classify credit card membership

Posted on 2010-09-21
3
959 Views
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
0
Comment
Question by:titorober23
[X]
Welcome to Experts Exchange

Add your voice to the tech community where 5M+ people just like you are talking about what matters.

  • Help others & share knowledge
  • Earn cash & points
  • Learn & ask questions
  • 2
3 Comments
 

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.
0
 

Accepted Solution

by:
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
0
 

Author Closing Comment

by:titorober23
ID: 35067397
I did not get a better answer than what i already knew before posting the question
0

Featured Post

What does it mean to be "Always On"?

Is your cloud always on? With an Always On cloud you won't have to worry about downtime for maintenance or software application code updates, ensuring that your bottom line isn't affected.

Question has a verified solution.

If you are experiencing a similar issue, please ask a related question

By Linda Saltz Customized item descriptions from bills DO import into a customer invoice!   This is a wonderful tip for companies that want to use generic items like Hardware, Software, Mileage, Travel in their item list which helps keep the i…
You may need to view past transactions from previous QuickBooks files or other QuickBooks company files when:       1. you are working in another QuickBooks file       2. QuickBooks is closed QuickBooks users who would benefit from this artic…
Monitoring a network: why having a policy is the best policy? Michael Kulchisky, MCSE, MCSA, MCP, VTSP, VSP, CCSP outlines the enormous benefits of having a policy-based approach when monitoring medium and large networks. Software utilized in this v…
If you’ve ever visited a web page and noticed a cool font that you really liked the look of, but couldn’t figure out which font it was so that you could use it for your own work, then this video is for you! In this Micro Tutorial, you'll learn yo…

632 members asked questions and received personalized solutions in the past 7 days.

Join the community of 500,000 technology professionals and ask your questions.

Join & Ask a Question