I have figured out how to debit the credit card recivable account adn cr the bank account with the monthly debit machine statement via the general ldger BUT

I have a day where there is a negative amount and I cant figure out how to post it

IT is

Visa 1008.17

Debit 542.93

mastercard -772.52

which gives me a total day deposit into my bank accoutn of $778.58

BUT I cant figure out how to make this work

I tried entering -772.52 into the mastercard recivable credit colum but it auto sitches to a credit...but that doesnt give me the correct deposit amount

HELP :)

In the General Journal

Debit bank  $778.58

Debit Mastercard Receivable $772.52

Credit VISA Receivable $1008.17

Credit Interac $542.93

778.58 + 772.52 = 1008.17 + 542.93

Entering the negative in the Credit column switches it to the Debit side which, from what you are indicating here is correct.  I assume you gave someone a big credit back on their card because they returned something.

ummm

still not getting it [:'(]

I should be debiting visa and debit recivable shouldnt i since I am trying to reduce the amount my ledger says is owed to me in Vaisa/debit recivable and Crediting bank as that money is going from the visa/debit rec to the bank accout right?

so i entered:

                              DR        CR

cibc bank account                778.58

Debit recivable       542.93

Visa Recivable       1008.17

Mastercard recvable              772.52

which give me 1551.10 on both the DR and CR side

is htis correct?

Hi there:  Not sure what exactly you are trying to do, but if you are depositing money to the bank account the entry would be a debit to Bank NOT a credit to Bank.    Rita Deering

I believe this is a perspective problem.  When money goes into your bank account, it shows as a credit on your bank statement so you think it is a credit in your books... Correct????

WRONG!!!

From the Bank's perspective you put money in, it is a liability.  Increasing the balance of a liability account is a credit.  But increasing the balance of an Asset account (in Simply these are all the 1000 accounts), is a debit.  Money deposited in the bank should be entered as a debit on your books.  Money coming out of your bank account is a credit.  Mastercard payment back to a customer takes money out of your account so it is a credit.  But you have done that entry and that is why your Mastercard receivable is a negative or credit balance.

You need to bring the balance on that account to zero.  To bring a negative (credit) balance to zero for a 1000 account, you must debit because you have to increase the balance of the account to bring it to zero.

Your entry above is perfect if you were your bank.  But the entry I gave you is the exact opposite because I am posting from your perspective not the bank.

Hope this clears up the mud.

thanks :)