We currently receive gifts thru Online Express. The gift is posted for the gross amount. This amount uploads into our Banner Financial System. It does not match the amounts deposited to our bank account because the fees are deducted from each transaction. We have to make journal entries for each disbursement in order to reconcile to the bank deposit.
Why not do like all the other merchant services and deduct the fees for all monthly transactions at the end of the month. These are paid by EFT from the same bank account where the deposits are made. This would eliminate the need for all of the journal entries to reconcile deposits to the bank. The monthly total of fees would be posted to the books just as all other EFT transactions in one journal entry for the month.