Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
posted
Best answer November 20, 2020
Solved
Accepted Solutions
Thanks for joining the conversation, @Ritchiec80,
I can share the steps on how to handle bank or credit card fees in QuickBooks Online.
This process may require a few steps to do, so I'll be outlining everything for you.
Step 1: Create the customer invoice. In your case, the $100 receivable.
- Click the Plus (+) icon.
- Select Invoice.
- Enter the exact amount to be invoiced. (See screenshot below)
Step 2: Receive the full payment of $100. This is to replicate the amount taken from the customer and the income in your Profit and Loss.
- On the invoice, click the Receive Payment button.
- Select the correct invoice on the Receive Payment screen.
- In the Deposit to field, choose Undeposited Funds.
- 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. This process is important, because here we deposit the amount cleared in the bank after deducting the fees.
- Click the QuickBooks Plus (+) icon.
- Select Bank Deposit.
- Mark the invoice payment you received previously from the Select the payments included in this deposit section.
- Expand the Add funds to this deposit section to add a new line item.
- In the Received From column, enter the credit card fee as a vendor.
- In the Account column, add an expense account for the fee.
- In the Amount field, enter a negative fee amount. Example, -2.50.
- Make sure the deposit matches the net bank deposit amount.
- Click Save and close.
Please let me know if you need further assistance with recording fees. I'll be available to help you anytime. Have a great day!
Thanks for joining the conversation, @Ritchiec80,
I can share the steps on how to handle bank or credit card fees in QuickBooks Online.
This process may require a few steps to do, so I'll be outlining everything for you.
Step 1: Create the customer invoice. In your case, the $100 receivable.
- Click the Plus (+) icon.
- Select Invoice.
- Enter the exact amount to be invoiced. (See screenshot below)
Step 2: Receive the full payment of $100. This is to replicate the amount taken from the customer and the income in your Profit and Loss.
- On the invoice, click the Receive Payment button.
- Select the correct invoice on the Receive Payment screen.
- In the Deposit to field, choose Undeposited Funds.
- 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. This process is important, because here we deposit the amount cleared in the bank after deducting the fees.
- Click the QuickBooks Plus (+) icon.
- Select Bank Deposit.
- Mark the invoice payment you received previously from the Select the payments included in this deposit section.
- Expand the Add funds to this deposit section to add a new line item.
- In the Received From column, enter the credit card fee as a vendor.
- In the Account column, add an expense account for the fee.
- In the Amount field, enter a negative fee amount. Example, -2.50.
- Make sure the deposit matches the net bank deposit amount.
- Click Save and close.
Please let me know if you need further assistance with recording fees. I'll be available to help you anytime. Have a great day!
