TDNA Monthly Office Manager's Report: June/July 2005 Page: 1 of 3
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TO: Ken
FROM: Darla
DATE: July 29, 2005
SUBJECT: Office Management Report - June & July
Bank Balance:
I transferred some money from checking into savings from checking, so we have
$51,497.68 in checking and $25,220.24 in savings - a total of2$76,717.92.
2004 Year-End Budget Balance:
My last report to you on year-end 2004 was not quite final. The end balance was a deficit
of ($-2,837.15), which was $1,213.65 better than the budgeted deficit of $-4,059.80 and a little
better than I predicted in my last report to you.
A detailed summary of 2004 finances was included in the board meeting books for
yesterday's board of directors meeting.
Updates:
" Credit Cards - Today I applied for approval to accept credit card payments through
QuickBooks Merchant Service. We will hear if we've been accepted or declined next
week. We will accept VISA and MasterCard only at first. Later, we can also apply
directly with American Express, Discovery and Diners Club if we want to accept their
credit cards. Everything will go through QuickBooks, but QuickBooks handles the
charges only for VISA and MasterCard. There will be a separate fee system for the
other three cards.
Basically, I estimate that providing this service to our members will cost us
around $3,000 a year. That is based on processing about one-fourth of dues income
($100,000) by credit card. Through QuickBooks, we will pay a one-time setup fee of
$59.95, a monthly fee of $9.95, a 23 cents authorization fee per transaction, and 2.34%
of all money collected.
Other fees would apply if a card is rejected ($15) or if a customer formally
disputes a charge ($20 to track the charge and investigate). Also, our percentage fees
must amount to a $20 minimum per month or QuickBooks will add on the difference
to make $20.
There is no additional software to be purchased because we recently updated to
QuickBooks Pro 2005 which has the credit card processing system built in. We will
"unlock" that system with the merchant ID number provided to us. We will not buy a
card reader because all payments will be by telephone or mail and will be keyed in at
the computer.
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Thompson, Darla. TDNA Monthly Office Manager's Report: June/July 2005, report, July 29, 2005; (https://texashistory.unt.edu/ark:/67531/metadc1339172/m1/1/: accessed June 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Special Collections.