I am asking this question because I ahve been bangin my head and pulling my hair for the last week trying to figure out a way to record 2checkout transactions in my books! :bawling: :crying: :bawling:

all of this because of their complicated way. 2CO offer you doloadable trasactions (sales) and payments.

its not like the traditional bank account where you have debit and credit!
is there a way to make it as a dr/cr account?

and their system is not very clear, I mean by that the reserve balance. the fees are not recored as transactions!??

so you record each sale as a transaction and add another transaction for its fees ? what about the reserve amount?

so please help me by explaining how to record 2CO in accounting books?

do you use the sales transaction or only the payments or both?

how do you reconcil the account?

I appreciate it if you could attach an excel sheet with imaginary numbers just to show how to formulate everything.

PS: I have already got all the 2CO formulas but do not know how to correctly integrate/use them. I have also gone through all the decumentaion and their forums!

Thanks in advance.

by book keeping standards its not income untill you receieve it, so if they take reserves you dont report it as income for month etc untill you have it

No one willing to help?

where are all the accountats?

YouOrMe:

Treat it like the separate account that it is.

When you make a sale, transfer the amount actually received from the 2CO account to your checking account, or whatever account, when you receive the reserve funds, again treat it like a transfer.

webuyhosts:

Your statement regarding the posting of income is technically correct, however it is dependant upon the method of accounting one uses.

Using the accrual method of accounting, it is proper to post the income as soon as the transaction is made.

YouOrMe:

Do you use any accounting software?

YouOrMe:

Do you use any accounting software?


currently no, but I am managing with excel sheets.

but I cannot balance 2CO sheet I dunno why!

the reserve is not comming out ok.

I use accrual method.

LostDog: the thing is I do not want to trust anyone! I need to check after them.

I tried using accrual (with 2CO and WorldPay) but that didn't work for me, so I don't think I can be much help there.

With cash basis, I just put a journal entry saying the customer had paid and another journal entry into an undeposited funds account.

Then when the money was sent to my bank account I'm made a jounral entry out of the undeposited funds account, and another journal entry split between a Bank Service Charge account and my bank account. Seems to be the best solution for me.

I tried using accrual (with 2CO and WorldPay) but that didn't work for me, so I don't think I can be much help there.

With cash basis, I just put a journal entry saying the customer had paid and another journal entry into an undeposited funds account.

Then when the money was sent to my bank account I'm made a jounral entry out of the undeposited funds account, and another journal entry split between a Bank Service Charge account and my bank account. Seems to be the best solution for me.

Why not just have an account for 2checkout?

Good accounting practices I guess. If you ever switch payment processors or add an additional one, then there's no need to create an additional account for that new processor, you just keep the undeposited funds account.

That was what was recommended by my accountant.

Your transaction fees should be considered as business expenses in your books.


I am asking this question because I ahve been bangin my head and pulling my hair for the last week trying to figure out a way to record 2checkout transactions in my books! :bawling: :crying: :bawling:

all of this because of their complicated way. 2CO offer you doloadable trasactions (sales) and payments.

its not like the traditional bank account where you have debit and credit!
is there a way to make it as a dr/cr account?

and their system is not very clear, I mean by that the reserve balance. the fees are not recored as transactions!??

so you record each sale as a transaction and add another transaction for its fees ? what about the reserve amount?

so please help me by explaining how to record 2CO in accounting books?

do you use the sales transaction or only the payments or both?

how do you reconcil the account?

I appreciate it if you could attach an excel sheet with imaginary numbers just to show how to formulate everything.

PS: I have already got all the 2CO formulas but do not know how to correctly integrate/use them. I have also gone through all the decumentaion and their forums!

Thanks in advance.

Can you download a log of the income before 2CO's fees? You could then subtract whatever they deposit into your bank for the same period of transactions, and list that amount (which would be their fees) under expenses. You could always email them to see if there's a way to download logs that are separated into revenue, fees, and deposits.