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sambates123
Level 2

PayPal/Square/iZettle integration logging

Hi,

 

I am trying to get my head around how Quickbooks handles external card company integrations. I had a customer pay by PayPal via the invoice directly. Quickbooks then automatically sorted then income and fees into their respective categories however I still have an amount after fees sitting under my banking feed. What do I do with that? exclude it?

Solved
Best answer February 13, 2021

Accepted Solutions
Jen_D
Moderator

PayPal/Square/iZettle integration logging

Thanks for posting here, @sambates123,

 

You can exclude the deposit if it is a duplicate of another bank transaction. Otherwise, if it needs to be included in the reconciliation, you can simply match the bank entry with the net payment in QuickBooks.

 

To do that, receive the payment with the fees in the Undeposited Funds account.

 

  1. On the invoice, click the Receive Payment button.
  2. Select the correct invoice on the Receive Payment screen.
  3. In the Deposit to field, choose Undeposited Funds.
  4. Click Save and close. (See screenshot attached)

 

 

Step 3: Enter a Bank Deposit for the fee to relieve the balance from Undeposited Funds account to bank account. (See screenshot)

 

  1. Click the QuickBooks Plus (+) icon.
  2. Select Bank Deposit.
  3. Mark the invoice payment you received previously from the Select the payments included in this deposit section.
  4. Expand the Add funds to this deposit section to add a new line item.
  5. In the Received From column, enter the vendor who charged the fees.
  6. In the Account column, add an expense account for the fee.
  7. In the Amount field, enter a negative fee amount.
  8. Make sure the deposit matches the net bank deposit amount.
  9. Click Save and close.

 

 

After depositing the funds in your bank, you should be able to match it to the transaction in the Banking page. See this link to learn more about matching bank transactions: Categorise and match online bank transactions in QuickBooks Online

 

If you need anything else, please let me know in the comment below. I'll be right here to help categorise your bank transactions. Have a good one!

View solution in original post

2 REPLIES 2
Jen_D
Moderator

PayPal/Square/iZettle integration logging

Thanks for posting here, @sambates123,

 

You can exclude the deposit if it is a duplicate of another bank transaction. Otherwise, if it needs to be included in the reconciliation, you can simply match the bank entry with the net payment in QuickBooks.

 

To do that, receive the payment with the fees in the Undeposited Funds account.

 

  1. On the invoice, click the Receive Payment button.
  2. Select the correct invoice on the Receive Payment screen.
  3. In the Deposit to field, choose Undeposited Funds.
  4. Click Save and close. (See screenshot attached)

 

 

Step 3: Enter a Bank Deposit for the fee to relieve the balance from Undeposited Funds account to bank account. (See screenshot)

 

  1. Click the QuickBooks Plus (+) icon.
  2. Select Bank Deposit.
  3. Mark the invoice payment you received previously from the Select the payments included in this deposit section.
  4. Expand the Add funds to this deposit section to add a new line item.
  5. In the Received From column, enter the vendor who charged the fees.
  6. In the Account column, add an expense account for the fee.
  7. In the Amount field, enter a negative fee amount.
  8. Make sure the deposit matches the net bank deposit amount.
  9. Click Save and close.

 

 

After depositing the funds in your bank, you should be able to match it to the transaction in the Banking page. See this link to learn more about matching bank transactions: Categorise and match online bank transactions in QuickBooks Online

 

If you need anything else, please let me know in the comment below. I'll be right here to help categorise your bank transactions. Have a good one!

View solution in original post

sambates123
Level 2

PayPal/Square/iZettle integration logging

Hi @Jen_D,

 

Thanks for taking the time to do such a detailed post. It has been very helpful. 

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