Card fees and deposits
Modisoft offers its own card processing, and many stores use another processor. Either way, the card total at the register is not the same number as the deposit at the bank. This page shows how to check a per-swipe fee, where each line belongs in QuickBooks, and what to watch when you switch.
Works with your POS, back-office & accounting stack
If your fee is a flat rate per swipe, multiply the number of card transactions by the rate and compare it with the statement. Then match each deposit to the sales behind it, and book fees and chargebacks to their own accounts. Confirm the rate in your agreement.
By the FuelCFO team. Where this page describes a vendor's product, the details come from the vendor's own public descriptions and can change, so confirm them with the vendor. Figures in diagrams are illustrative.
Modisoft's own site describes Modisoft Payments as card processing with a flat rate per swipe, no monthly fees or contracts, and deposits within one to two business days. Those are Modisoft's own statements, and your agreement is what counts, so confirm the terms in writing. Many stores use a different processor and still run Modisoft at the register. We do not sell or price payments. This page is about what the numbers should look like in your books.
The register reports what customers paid by card. The bank receives that amount less fees and any chargebacks. Neither of the two figures is wrong. They measure different things. Timing adds to it, since a late evening sale may land in the next day's deposit. A reconciliation lines the two up.
A flat rate per swipe means the fee should equal the number of card transactions times the rate. That is a quick test: if the statement fee does not match the swipes, something is off. This assumes your agreement really is a flat rate, so read the terms you signed to confirm.
Card sales belong in a clearing account until the deposit arrives. Fees are an expense. Chargebacks are an expense or a loss. The deposit clears the balance. When the clearing account does not return to zero, the leftover amount points to a missing fee, deposit or sale, and that is where to look first.
Modisoft lists an integration that passes Comdata sales data into its back office. Fleet settlements still arrive on their own schedule and with their own fees, so they need matching separately. Do not assume a fleet sale in the system means cash in the bank yet. Until the settlement lands, it is money owed to you, not money you hold.
For a few days, the old processor may still settle sales while the new one starts. Both settlements need to be matched or sales will look missing, then doubled. Keep a note of the exact switch date, and save the final statement from the old processor for your records.
To see what to save each month, go to the statements to keep. To see how fees and deposits go wrong, go to where it goes wrong. If you want a team to reconcile cards for you, what we do covers it.
We compare the statement fee with the number of transactions and the rate you agreed.
Each deposit is tied to the card sales it settles.
Both go to their own accounts every month.
If you change processors, we line up the old and new settlements so nothing is lost.
Processor statements, register card totals and bank statements.
Processor statements, register card totals and bank statements.
All three are needed to check a fee.
Transactions times rate, against what was charged.
Transactions times rate, against what was charged.
A difference can mean a rate change or an added fee.
Each deposit is tied to the sales behind it.
Each deposit is tied to the sales behind it.
Deposits are net of fees and often arrive in batches.
Fees and chargebacks go to their accounts.
Fees and chargebacks go to their accounts.
They are costs, not reductions of sales.
You get the books and a note on any fee or deposit that did not add up.
You get the books and a note on any fee or deposit that did not add up.
You can take it to the processor.
Statement names and layouts vary by processor. Ask yours what each is called.
The same card sale is counted once at the register and again at the bank.
The deposit is booked net and the fee vanishes.
A charge that does not match the swipe count goes unnoticed.
Old and new settlements both arrive and one is missed.
Disputed sales are taken from the account with no entry.
They arrive late and match nothing.
You want to know where the difference goes.
You want to read a statement before you decide.
You want the changeover to leave no gaps.
Do not have your agreement? Ask your processor for the fee schedule and send it to us.
A 30-minute call and about 48 hours of review, free, to see where card money is landing.
Card clearing, fees and chargebacks each get a place, written down.
The first month ties every deposit to the sales behind it.
Card fees on fuel sales separated from fees on store sales.
5 services →Card fees measured against store margin.
9 services →Tax reported on sales, not on net deposits.
4 services →Processing costs compared across stores, and supported in a purchase or sale.
3 services →FAQ
More guides on the same system, or send us a day or a month for a free review.
Monthly bookkeeping for stores that run Modisoft: daily reconciliation, month-end close and Modisoft totals posted into QuickBooks Online.
Read more →What the Modisoft daily close shows, what to check each day, and how it ties to your bank and QuickBooks Online.
Read more →What the Modisoft back office does, which reports to pull each month, and how its totals reach QuickBooks Online.
Read more →Send us a day or a month and we'll show you where the three systems disagree.
Get started →See all Modisoft guides →| Every gas station software guide →
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