5 Tips for Chargeback AccountingNew Guest Feature From Chargebacks911® Founder Published by Accounting Today

August 15, 2023 | 2 min read

Accounting Today

Chargebacks911 Founder and CEO Monica Eaton was recently asked to share her expertise with the readers at Accounting Today through a new feature on chargebacks and accounting.

Accounting Today is a leading provider of online business news for the accounting community, offering breaking news, in-depth features, and a host of resources and services. Accounting Today reaches over 325,000 professionals across the full breadth of public accounting, ranging from sole practitioners who prepare tax returns up to the “big four” firms that audit the largest multinational corporations.

It’s well established that chargebacks are a challenge for merchants. However, one specific facet of operations that feels the burden, but which often gets overlooked, is the accounting department.

“Customer service, legal departments, and others work throughout the year to mitigate invalid disputes,” Monica explains in the piece. “But when it comes to reporting chargebacks, dispute fees, and other losses to the Internal Revenue Service, the responsibility typically falls on your Accounting Department.”

Monica offers several pieces of accounting advice for merchants, including when to mark chargebacks as “accounts receivable,” when to mark them as “bad debts,” and which forms need be completed. “Accurate reporting and recordkeeping is the best way to minimize chargeback losses,” she explains. “Chargebacks aren’t always recorded intuitively, though.”

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