Hi, is there a bug with the 'Resolve Difference' button? I need to deduct stripe fees to match a payment. But it says 'the amounts don't match'. But they do! Any advice?
My main goal is to ensure you can match your transactions successfully, angela.
First, I appreciate you sharing details of your concern and the article you've followed to fix this. I've got other solutions we can perform to get around the error encountered.
When you receive payments from third-party merchant services such as PayPal, we can't directly calculate the processing fees. It is because the credit card company deducts bank service fees from the payment. As a result, the payment amount shown on the bank register will not match the deposit amount in QuickBooks Online.
In this case, we can enter the bank service amount into the register. This way, the register balance matches the bank statement balance. I'll show you how.
Go to the Gear icon and then select Chart of accounts.
Select the correct account and then click View register from the Action column.
Add the fee, and then click Save.
Then, enter the amount as negative when depositing a payment. Beforehand, make sure to deposit the payment in the Undeposited funds account. Here's how:
Go to + New and then select Receive Payments.
Enter all the payment information, and then choose the checkbox next to the invoice you would like the payment to be applied to.
Select the Undeposited funds account from the Deposit drop-down.
Click Save and close.
Next, it's time to create a bank deposit:
From the + New, select Bank deposit.
Choose all the payments you want to deposit.
Go to the Add other funds to this deposit section and then enter the Stripe amount as a negative.
From the Account section, select the Expense account you usually use in tracking bank fees.
In addition, when you use the Resolve Difference feature, an adjustment or journal entry is created. This feature is typically used when you are matching transactions that should have the same amounts, but there is a slight discrepancy.
I'm here to assist you further with any banking insights you may need, angela. Please don't hesitate to reach out if you require any additional assistance. I'm more than happy to lend a helping hand.