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Best answer May 12, 2022
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Hello HyperIT, Here is how to account for fees in Quickbooks, this will close the invoice as fully paid and also enable you to match the amount deposited in the bank with the fees deducted.
To account for fees, follow the below instructions:
1. Create the invoice for the full amount (fees included, say £500)
2. Receive payment to Undeposited funds (full amount)
3. Plus sign > Bank deposit
4. Tick the invoice on the top part
5. On the bottom where it says Add deposit, choose the same customer
6. Choose an expense account (say Fees)
7. Enter the amount as a minus figure (say -15)
8. Now the deposit should be for £485 which is the amount they've received, and £15 should be on the fees account as the fee (edited)
Hello HyperIT, Here is how to account for fees in Quickbooks, this will close the invoice as fully paid and also enable you to match the amount deposited in the bank with the fees deducted.
To account for fees, follow the below instructions:
1. Create the invoice for the full amount (fees included, say £500)
2. Receive payment to Undeposited funds (full amount)
3. Plus sign > Bank deposit
4. Tick the invoice on the top part
5. On the bottom where it says Add deposit, choose the same customer
6. Choose an expense account (say Fees)
7. Enter the amount as a minus figure (say -15)
8. Now the deposit should be for £485 which is the amount they've received, and £15 should be on the fees account as the fee (edited)
