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In ContactsLaw, the merchant account journal (transaction prefix MJ) is an activity used to record credits to a credit card/POS merchant account once they have been identified on a bank statement. It is used in conjunction with the 'credit card (non-cash)' payment method (which debits the merchant account instead of a bank account). It can also record bank fees or commissions deducted from the amounts charged to cards.

 

Unlike other transaction activities, the merchant account journal does not allow the line items to be added/removed, or accounts to be manually selected. ContactsLaw will use the nominated merchant account, bank account and any related account for fees/commissions (as configured on the list of accepted credit cards). The transaction is built by entering the net amount debited to the bank account and either the gross POS amount or the fee/commission component of the transaction.

 

Like the general journal, this activity supports a multi-step workflow, however a single-step workflow is sufficient for virtually all situations.