A credit card transaction statement is needed by every business that processes credit card transactions. It contains all the details of a credit card transaction such as the merchant account holder's name, cardholder's name, card amount, billing address, date of service and the date the transaction was made. The worksheet can be used to create the credit card transaction statement for a company's accounting records. It also serves as a reference when accounting services are needed.
Companies that accept credit cards need to keep records of each customer transaction to help them in their budgeting. They need to be able to determine which sales should be charged to the merchant account, which should be included in the monthly statement. Most companies use computers to process the business's data. However, some business owners prefer to use a paper worksheet. This worksheet can be created easily using Microsoft Office programs like Word.
In a credit card transaction statement, all necessary information is entered. Fields relating to the card number, the name of the cardholder, credit card number, name of the merchant account holder, business name, account balance and date of the transaction are the most common fields. Fields for each credit card include the following information: Cardholder's name, Address, Amount, Date of Card Purchase, billing Address, Cardholder's profile, Credit Card, Company Identification Number, Business Identification Number, Cardholder's phone number, Date of Card Opening, Expiry Date, Balance, Cardholder's profile, Credit Card Type, Card expires, Time Card expires, Visa or MasterCard brand, Country of issuance and Country of account. Fields pertaining to the business transaction should be specified in the right format.
Before entering the information in the worksheet, double-check the data to ensure accuracy. Indicate all the businesses involved with the transaction so that the transaction can be categorized properly. Separate business categories to separate records. Enter transaction data for each category separately. Also, note down the dates of each transaction.
A credit card transaction statement will not reflect accurately the total credit card payments made due to different customers. It indicates only those transactions included in the statement. To make your accounting easier, you can create trend reports on your accounting software. Trend reports can provide you the information that you need on trends in credit card purchases by a certain customer segment. You can also get information about the average price for credit cards by a certain customer segment. The percentage of purchases made by a certain segment for a given time is also available.
The credit card transaction statement helps you determine trends in credit card purchases by segment. However, it may not be possible to create trend reports from individual customer records. In such cases you can correlate the transaction data through surveys or reports generated by other means. If you are planning to enter data in a credit card transaction statement, you can use other formats that are compatible with your accounting software. In addition to facilitating easy computation of credit card transaction fees, a format that contains transaction information for all customers of a credit card company is also helpful.
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