How to read a Chase statement

The four numbers FeeHound needs

Card sales: gross Visa, Mastercard and Amex sales for the month, before refunds. Leave Interac out.

Number of card sales: the count of sales, not refunds.

Total fees: every processing fee for the month, before any GST, HST or QST line shown on its own.

Interac: your Interac sales, number of Interac sales and Interac fees, if Interac is on the same statement.

Where to look on this statement

Look for the card type summary with counts and amounts for each card brand.

The fee detail shows interchange, assessment and processing lines on interchange-plus plans, or rate tiers (qualified, mid-qualified, non-qualified) on tiered plans.

Equipment fees are usually in their own section. Enter terminal rental and the number of terminals separately so we can compare them on their own line.

Common mistakes

Net sales and deposits are not sales. Net sales have refunds taken off, and deposits have fees and chargebacks taken off.

Some fees come out of your daily deposits and never appear in a monthly fee total. Add every fee line, and compare the sum with the printed total.

Chargebacks, prior-period adjustments and annual fees sit in the same list as pricing fees. Enter them in their own boxes so we can set them aside.