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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
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

6 Comments
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

Level 1

Matching Sales Receipts where Fees have been Deducted

 
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.
 
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".

Level 2

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?

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