Disabling Transaction Fee Estimates (TSYS & PaySimple)

Disabling Transaction Fee Estimates (TSYS & PaySimple)

If you are using either TransFirst or PaySimple as your Credit Card Payment Processor, your "Payment Configuration" within Membership Toolkit will automatically default to calculate the approximate estimate of transaction fees associated with an order placed through your website.

Journal entries are automatically created for the posting of these estimated transaction fees to your ledger accounts. (ie. Transaction fees expense and transaction fees due liability accounts are both increased.)

Once you receive your monthly bank statement or your transaction fee expense statement, you usually need to make a manual journal entry to adjust the estimated fees entries posted to your ledgers to match the actual transaction fee expense shown on your statements.

Sound complicated?
You have the option to disable the credit card transaction fee estimation and automatic creation of those journal entries for transaction fees for both TransFirst and PaySimple.
  1. Once you receive your monthly bank statement or your transaction fee expense statement, you only need to make a journal entry to decrease your checking account and increase your transaction fees expense account by the actual amount deducted and showing on your statements.
  2. No more monthly confusion on calculating the “true up” of your estimated transaction fees to actual fees!
To disable the automatic estimate of transaction fees: (for TransFirst or PaySimple only)
  1. Go to Admin / Payment Configuration
  2. Select the appropriate payment processor tab. (either TransFirst or PaySimple)
  3. Scroll to the "Estimate Transaction Fees?" field and change it from "Yes" to "No."


Refund Sales Tax


If sales tax was calculated and paid in error on an order (ie. during a tax free event), you will want to refund the sales tax collected on the sale.

To Refund Sales Tax paid in error:
  1. Go to the order you want to refund sales tax on. (Store & Forms / Orders / select the order number to edit)
  2. Under "Line Items" click on the "edit" icon next to the line item to be edited for the sales tax error.


  1. In the "Edit Line Item" box, change the Taxable field from "Yes" to "No".
  2. Save changes.
  3. The sales tax amount that was previously calculated will now show as an Overpayment. 
  4. Click on the "manual refund" button and complete the refund information.
 
   

    • Related Articles

    • PaySimple Fees

      To qualify for the following Membership Toolkit Customer rates, you need to: apply for your PaySimple account from within your Membership Toolkit account. complete your Non-Profit Verification BEFORE applying with PaySimple. Monthly Software Fee: ...

    • TSYS Help - TransAction Express User Guide

      If you are using TransFirst and need help with credit card processing questions, download their guide to TransAction Express - TransFirst's payment gateway. Download is attached to this article. You can also contact the TSYS 24/7 Merchant Support at ...

    • Pass-Through Transaction Fees

      Thinking about passing on a transaction or convenience fee to your customers to cover your credit card processing fees? Note: The rules and laws on this vary from state-to-state and in many cases are governed by the agreement you hold with your ...

    • Recording TransFirst Transaction Fee

      Once a month, typically around the 10th, the transaction fees for the previous month will be deducted from your TransFirst Asset Account (probably your checking account.)  You will need to manually record the withdrawal.   Membership ...

    • Setting Up a PaySimple Account

      If you are a non-profit and are applying to receive the non-profit transaction rates, you must complete your Non-Profit Registration BEFORE applying with PaySimple. There are two options for creating your PaySimple account. OPTION 1 - Work One-On-One ...