Chargezoom helps you maintain clean records that will make your bookkeeper smile and your CPA proud. Following the guidelines for Generally Accepted Accounting Principles, we help you track your surcharging fees for proper reconciliation.
To keep your accounting records GAAP-compliant, you will want to track your Surcharge Fees as a separate line item from your other sources of income. This makes it easy for your Accounting Team to track and appropriately report. Chargezoom automates this step, so that it occurs on every transaction with no manual effort.
If a Sale will collect a Surcharge, the details are always displayed prominently and when a payment is made on an invoice link, the required disclosure alert is shown.
In this example, Invoice 1021 has a total amount due of $200. A 3% surcharge will be applied at the time that the transaction occurs.
When the payment is successful, the invoice is marked as Paid and a separate line item is added that details the Surcharge amount. The Total also reflects the Surcharge fee applied to the amount due.
This allows your Accounting Team to immediately view any invoice that has had a Surcharge applied and differentiate the line item for their reconciliation and reporting.