Setup of Card Payment Processing (Authorize.Net)

In MYOB Acumatica, recording of card payments can occur in two ways, depending on how the bank your company works with reports card payments—as a batch or as individual transactions.

If your bank reports card payments as a batch, we recommend that you use a clearing cash account to record card payment transactions, so you can group these transactions in a deposit and reconcile the deposit with the bank record in the statement. For details, see Recording Card Payments by Using Deposits.

If your bank reports card payments as separate transactions, you can record card payment transactions directly to your bank cash account and reconcile them one to one with the statement records. For details, see Recording Card Payments Directly.

Recording Card Payments by Using Deposits

For a bank that reports multiple card payments as a batch, you configure and then process card payments as follows:

Configuration: You perform the following configuration steps:

  1. You create a cash account that represents your merchant account with a processing center (linked to a GL account of the Asset type), and mark it as a clearing account. (Before performing this step, you should already have a cash account that represents your bank account.)
  2. You specify the merchant cash account as a clearing account for the bank cash account.

    For details on the configuration of cash accounts, see Configuring Cash Accounts.

  3. You configure integration with a processing center and assign the merchant cash account to the processing center in the system. MYOB Acumatica supports the processing of credit and debit card payments through the Authorize.Net payment gateway. The cash account specified for the processing center sets the currency to be used to process transactions. For details on configuring this integration, see Means of Integration with Authorize.Net.
  4. You configure the payment methods, such as Visa, Mastercard, or American Express. You specify the merchant cash account as the allowed cash account and mark it as the default one for use in Accounts Receivable. For details, see To Add a Payment Method for Payment Processing.
  5. You configure customer payment methods (customer credit or debit cards), using the payment methods as templates. For details, see Configuring Customer Payment Methods.

Initiation: You create payments in the system and initiate the processing of card payments through a processing center. After you receive a response from the processing center about the transaction status, you release the payment. The system records the transaction to the merchant cash account associated with the customer payment method.

Note:
If the Enable Integrated CC Processing check box is selected on the Accounts Receivable Preferences (AR101000) form, you cannot release the payment. The system releases the payment automatically after it captures the payment amount.

Settlement: You receive a statement from the processing center that shows the settlement amount deposited to your bank account. Optionally, you can perform reconciliation for the merchant cash account by using the received statement. For details on the reconciliation process, see Bank Reconciliation: General Information.

Reconciliation: You create and process a deposit in the system that includes card payments in the amount of the settlement. When you receive a bank statement, you can easily reconcile the deposit with a transaction from the bank statement. For details on configuring and processing deposits, see Preparation of Deposits.

Recording Card Payments Directly

For a bank that reports each card payment individually, you configure and then process card payments as follows:

Configuration: You perform the following configuration steps:

  1. You create a cash account that represents your bank account (linked to a GL account of the Asset type) to which the processing center will move funds.

    For details on the configuration of cash accounts, see Configuring Cash Accounts.

  2. You configure integration with a processing center, and assign the bank cash account to the processing center in the system. MYOB Acumatica supports the processing of credit and debit card payments through the Authorize.Net payment gateway. For details on configuring integration, see Means of Integration with Authorize.Net.
  3. You configure the payment methods, such as Visa, Mastercard, or American Express. You specify the bank cash account created in Step 1 as the allowed cash account and mark it as the default one for use in Accounts Receivable. For details, see To Add a Payment Method for Payment Processing.
  4. You configure customer payment methods (customer credit or debit cards), using the payment methods as templates. For details, see Configuring Customer Payment Methods.

Initiation: When your customers want to pay by using credit or debit cards, you create these payments in the system and initiate the processing of card payments through a processing center. After you receive a response from the processing center about the transaction status, you release the payment. The system records the transaction to the bank cash account associated with the customer payment method.

Note:
If the Enable Integrated CC Processing check box is selected on the Accounts Receivable Preferences (AR101000) form, you cannot release the payment. The system releases the payment automatically after it captures the payment amount.

Reconciliation: You receive a bank statement and reconcile each document in the system with a bank transaction. For details on the reconciliation process, see Bank Reconciliation: To Reconcile a Cash Account.