ANSWER ID:9392

This support note demonstrates how to utilise the Banking Export Groups to process merchant fee transactions when exporting information from RetailManager to your MYOB accounting software.

Most businesses get charged merchant fees when their customers use certain types of credit cards or charge cards. This situation can be dealt with in RetailManager and your MYOB accounting software by following these steps.

Note: These steps are only to be used as examples. Account names and numbers will vary from business to business.

Create the required accounts in your MYOB accounting software

1. Go to the Accounts command centre and click Accounts List.
   
2. Click the Asset tab.
   
3. Click New.
   
4. Select the Detail Account option.
   
5. Select the Account Type of Bank.
   
6. Give the new account a number and a name, for example 1-2354 Amex.
   
7. Repeat steps 3 - 6 for each export banking account you want to create.
   
8. Click OK.
   
9. Click the Expense tab. This will allow you to create an expense account for the fees that you are charged.
   
10. Click New.
    
11. Enter an account number and name, for example Merchant Fees or similar.
    
12. Click the Details tab.
    
13. Assign this account a GST tax code.
    
14. Click OK.

Create Banking Export Groups in RetailManager for the clearing accounts

Follow the steps outlined in the RetailManager User Guide to create export groups for your various payment types. In the below example, we have created export groups for Amex.

Perform the account export and import the data into your MYOB accounting software

When your Retail.txt file is imported, the money counted for Amex will be deposited into the clearing accounts you have created in your MYOB accounting software which you have linked in RetailManager. Cash, Cheque and other payment types will be deposited into your cash drawer, unless you have created banking groups for these payment types as well.

When this data is imported into your MYOB accounting software, the following General Journal entry will appear in the Transaction Journal.

As shown in the above example, an AMEX sale was deposited into the Amex account at $899.     

Transfer the totals from the clearing accounts into your bank account

When your Merchant sends you a monthly statement outlining what fees you have been charged, the following steps need to be processed in your MYOB accounting software.

1. Go to the Banking command centre and click Spend Money.
   
2. Take note of the balance and make sure that the Tax Inclusive option is selected.
   
3. Select the Amex Clearing account from the drop down list in the top left hand corner.
   
4. Skip all fields except for Amount. In our example, the amount is $899 with a merchant fee of $45 (found on your Amex statements).
   
5. Enter a Memo for your own reference.
   
6. Enter the number of the account you want to deposit the money into. We have specified our General Cheque Account (Bank Account).
   
7. Enter the dollar amount excluding the merchant fees and leave the tax code as N-T. In our example, this amount is $854.
   
8. On the next line, enter the number of the Merchant Fee account that you created previously.
   
9. Enter the dollar amount of the fees that you were charged. In our example, this amount is $45.
   
10. Record the transaction. The balance of the Amex account should revert to $0 when this transaction has been recorded. See our example below.
    

    [Australia only]

    

    [New Zealand only]