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American Express (AMEX) payment entry

Posted: 03 Jul 2014 03:18
by jsimkins
I'm having a problem figuring out how to correctly post American Express card payments. The other credit cards are no problem as the payment amount is equal to the invoice amount and the card charges appear as a separate transaction, easily posted to a financial charges account.

Amex, however, remits a payment that is the invoiced amount less their service charge. So, if the invoice is $1200.00, the payment would be $1170.00. Up to now, we've not had too many Amex accounts and I've dealt with this by adding a credit to the customer account equal to the credit card charge thus zeroing everything out nicely. However, when multiple charges are submitted, Amex sends back a bulk payment and the individual charges are not broken out, just the lump sum charge.

In a previous accounting system, I could open the clients account, apply the payment of 1170 and the card charge of 30 and the customer's account would be credited 1200, with the bank getting 1170 and finance charges getting 30. I can's see any easy way of doing this within Express but I'm not a real bookkeeper.

Any help out there?