Posting TouchNet credit card transaction fees by store

The Bank Reconciliation Team processes Touchnet Credit Card transaction fees monthly, then posts those fees to an account code supplied by the TouchNet Store Manager. Previously, all fees were posted as a single total amount by Merchant. If multiple stores under that merchant had individual fees, the area would then need to complete an accounting journal to split these fees between stores.

The Bank Reconciliation Team has implemented a new process wherein the credit card transaction fees are now posted by Store, rather than by Merchant. Moving forward, the TouchNet team will reach out to merchants with multiple stores to give them the option of switching fee worktags to the store level. Merchants who choose to receive fees by Store will no longer need to manually separate fees using an accounting journal.

In the Ad Hoc Bank Transaction process, the formula utilized by the Bank Reconciliation team, now puts the store name in each memo line. This allows for a single merchant with multiple stores with the same fee worktags the ability to view which amounts are for each store.

Questions? Reach out to the TouchNet team.