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Kari_M
Level 1

Matching Sales Receipts where Fees have been Deducted

Hi, Hoping for some advice on the best (and easiest) way to match sales receipts to bank deposits where fees have been deducted.

For example - one direct deposit from GoCardless may contain a single or multiple transactions from customers.  I want the sales receipt to reflect the full amount ($35) and deduct the fee ($0.35) to reflect the deposit of $34.65.  This works OK if there are multiple transactions that are higher in value than the lowest amount of the sales receipt.  If there is only one payment of $34.65, the sales receipt of $35 will not show on the list to match.  Is there a way to edit the sales receipt by adding a line and allocating the fee to an expense code rather than a product/service?

Or is there a better way than what I am doing?

For reference - Generally I bulk update using a third party app into sales receipts/undeposited funds.  If there is only a few transactions I will enter manually.

Thanks, Kari

Solved
Best answer April 06, 2020

Best Answers
Rose-A
Moderator

Matching Sales Receipts where Fees have been Deducted

I'm here to help you add your fees so you can match your sales receipts in QuickBooks Online, Kari_M.

 

You can manually record the fees in QuickBooks Online by editing the sales receipt transaction, add another line item for the fees, and enter fees in a negative amount.

 

 

Or, you'll need to create a deposit transaction and record the fees in a negative amount.

 

Here's how:

 

  1. Click the Plus icon (+) at the top.
  2. Under Others, click Bank Deposits.
  3. Select the payment.
  4. In the Add funds to this deposit field, choose an account.
  5. Enter a negative amount, under Amount.
  6. Click Save and close.

With these steps, you'll be able to match your sales receipts in QuickBooks Online. I'm including some articles to know more about depositing and categorising your transactions in QuickBooks:

 

Let me know if there's anything else you need with matching your sales receipts in QuickBooks, I'll be around to help. Have a good one.

View solution in original post

10 Comments 10
Rose-A
Moderator

Matching Sales Receipts where Fees have been Deducted

I'm here to help you add your fees so you can match your sales receipts in QuickBooks Online, Kari_M.

 

You can manually record the fees in QuickBooks Online by editing the sales receipt transaction, add another line item for the fees, and enter fees in a negative amount.

 

 

Or, you'll need to create a deposit transaction and record the fees in a negative amount.

 

Here's how:

 

  1. Click the Plus icon (+) at the top.
  2. Under Others, click Bank Deposits.
  3. Select the payment.
  4. In the Add funds to this deposit field, choose an account.
  5. Enter a negative amount, under Amount.
  6. Click Save and close.

With these steps, you'll be able to match your sales receipts in QuickBooks Online. I'm including some articles to know more about depositing and categorising your transactions in QuickBooks:

 

Let me know if there's anything else you need with matching your sales receipts in QuickBooks, I'll be around to help. Have a good one.

View solution in original post

Kari_M
Level 1

Matching Sales Receipts where Fees have been Deducted

 
Dcshel
Level 1

Matching Sales Receipts where Fees have been Deducted

When I tried your example above of adding a negative amount n QB online it produces this error 

Something's not quite right
You must specify a transaction amount that is 0 or greater.
 
MirriamM
Moderator

Matching Sales Receipts where Fees have been Deducted

Welcome to the thread, @Dcshel. I appreciate you doing the steps provided above. 

 

If you're editing the sales receipt to add another line item for the fees, ensure that fee is lower than the other positive line item. 

 

Doing so will allow you to make the changes. 

 

To get the most out of QuickBooks for your business, check some articles that are designed to help you get acclimated to the software. They can be accessed at the following link: QuickBooks Tutorials.

 

Know that I'm always here to help if you have other concerns. Just leave a comment below. Have a great day!

 

 

 

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**Mark the post that answers your question by clicking on "Accept as solution".

9130 3496 0391 8576
Level 3

Matching Sales Receipts where Fees have been Deducted

Hi, I used the second method. "Add funds to this deposit" In that method QBO asked me to select the account under Add funds to this deposit. Which one is suitable? do I need to select my bank account or do I need to move that negative amount into a separate expense account?

Rebecca_A Product Champion
QuickBooks Team

Matching Sales Receipts where Fees have been Deducted

Hi, 

 

There is a designated Expense account for fees that you can use otherwise you can choose whichever account is applicable. 

 

As we are not able to provide specific details on which account to use, please contact your Accountant if you are still unsure. 

 

Thanks, 

Rebecca 

vernredgac
Level 1

Matching Sales Receipts where Fees have been Deducted

I entered the daily credit card sales into a sales receipt; however, under "product/service" I am not able to use square fee expense account.  How do I record the daily sales w/tax, then deduct the cc fees so that it will match the bank deposit?  I should not have to do a g/l adjustment.  Am I not able to access expense g/l accounts to deduct amounts on sales receipt?

Veronica

Dcshel
Level 1

Matching Sales Receipts where Fees have been Deducted

First you shouldn't be doing all your days sales into one sales receipt, each sale should be it's own sale.  If you are using a credit card processer like PayPal, Stripe our Square where they send you a net amount rather than the legacy Merchant account type processor that sends 100% of sale and charges back a monthly fee, in those cases you will have to set up Square as another bank in QB. Then enter individual sales and their associated credit card discount fees/expenses into that dummy bank account then when funds are transferred into your real bank account it's a simple transfer from the dummy account into your actual bank account.  But make sure you clear in your dummy account each transaction associated with each transfer as they happen or you will get totally messed up in trying to balance things when you reconcile.  

vernredgac
Level 1

Matching Sales Receipts where Fees have been Deducted

I am helping a local non profit clean up their QB accounting and they have been putting a month worth of sales into one sales receipt.  Yep, I know, not the right road.  Fixing now.  I don't clearly understand your reply.  We have the bank review that comes through so I can see the cc deposit amounts, I have the fee amounts to deduct.  I still need to record the "sales" of that day that used cc as a payment option.  They do not use a linked POS at this time; however, hoping to move them towards one soon.  In that vein, I have to take a day's worth of cc sales that have been deposited into the bank account and enter it into QB.  In doing so, I am unable to make a sales receipt that deducts the cc fees as it won't give me the option of just putting in a negative amount to be charged to the fee expense account.  It sounds like what you are suggesting would require a general ledger adjustment at the end of the month to transfer from a dummy account to real account?  Not sure I follow on this one.  But, am open to learning more!  :)

Dcshel
Level 1

Matching Sales Receipts where Fees have been Deducted

I think I saw you say you use Square for your credit card donations, correct? If so, then they are just sending you the 'net' amount of your sales/donations not the gross, so you cannot enter the donations/sale amount into your bank register. That's a recipe for disaster. Now I hear you, someone didn't want to do the work to do things right and your working to batch cleanup the past and now doing one day at a time.  Okay, well I wouldn't recommend that moving forward.  I've been using Quick Books for our non-profit for 8 years and it's not as easy as we always want it to be.  First I recommend using the nonprofit version of Quickbooks online or desktop as it will make things a little better. Then to account for your daily sales to clean up the past, first create I. Quickbooks a Square "bank account".  Then create your daily sales receipt for the day of all your CC donations, depositing them into the Square bank account, not your real bank account.  

Then create a Vendor called Square. For each daily sales receipt you create look up your fees for that days transactions with Square. They have reports to show you all that.  (Most do it on certain batches of some Interval like daily,based on transactions). You could create an expense for all your collective daily transactions or do them by transaction (which is ideal) and then create that days expense for Square and make sure you select the Square bank to which it is charged, not your real bank. Now for that day do a bank to bank transfer from Square Bank to your real bank. And clear the 3 items in your Square Bank register, theTransfer, the Sales Receipt and the associated Square expenses.  (This is assuming that Square actually sent that next amount to your bank in a daily fashion with all of your prior days sales, it they broke it up differently in multiple batches or over different intervals, then that is how you need to at minimum enter your Sales (donation) Receipts.

Unfortunately doing all sales as a batch sales isn't allowing you to send out donor thank you Receipts or track giving by Individual donors so it's definitely not how any nonprofit should do things moving forward.  Each donation should be entered separate as a sales receipt all CC sales deposited into your Square bank. Doing all this will account for your expenses within Square, because they are expenses even though you never got the cash, Square acted as a bank taking expenses and sending net. 

Another option in the sales receipt to keep it consistent with all other donations is to have all sales deposit into the default undeposited funds account and simply transfer from that account into Square bank all the donations that came through them, either through editing each Donations deposit to account or doing a batch transfer and clearing manually each associated sale in that batch from Undeposited funds (that's more work but accomplishes same thing)