entry for credit card and fees

[crystalv]

when the daycare gets a payment from a parent with a credit card, what is the correct entry? say they pay $500 the merchant proccesor deposits 495 in the bank and the fee is taken out.
So, lets say a parent is paying $2000, 1500 cash and 500 credit.I make the deposit and then journal entry.
Bank 1500
CC dep 495
????
tuition 2000
CC fee exp 5

I am very confused how to set this up? please help

[JohnDMeyers]

Assuming your bank account and credit card receiving account are different accounts, it would look like this:

DB 01-1110-000 Bank acct $1500
DB 01-1112-000 Credit Card $495
DB 01-5810-000 CC (tuition) fee $5
CR 01-4200-000 Tuition $2000

Alternatively, you could have an income account like 01-4201-000 CC tuition fee in place of the 5810 expense account. The 4201 account would be a DB, and would have a negative balance.

Either way is correct. I would probably do the alternate way, myself, to show that only $1995 came in as income.