Process Customer Credit Card Payments

GoldFinch GL Account

Set up a GL Account for "Undeposited Cash" or a GL Account for a Bank Account in GoldFinch that will be used for credit card transactions.

GoldFinch Prepaid Payment Terms

Create a Prepaid Payment Term in GoldFinch that will be used for sales invoices being prepaid by a credit card. 

Enter the GL Account for Undeposited Cash to the Account Undeposited Cash field.  If you prefer to skip the step of transferring cash from the Undeposited Cash Account to the Bank Account, you can enter a bank account directly into the Account Undeposited Cash field.

Accounting Seed GL Account

Set up a corresponding GL Account or Bank Account in Accounting Seed for the "Undeposited Cash" Account or Bank Account.

Processing Invoices Paid by a Credit Card

When a Sales Invoice is posted in GoldFinch that has the Payment Term defined as prepaid:

1. Billing entry in Accounting Seed will NOT be created for the invoice.

2. Debit will be posted to the Undeposited Cash Account (instead of the AR Account).

3. Credit will be posted to the Sales account.