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LPRC
Level 2

AKC Dog Event - 3rd Party Entry processing and fee allocation

We are an AKC club that uses a third party, Entry Express, to have participants sign up for our hunt tests each year.  Entry Express will collect all the funds from the entrants and then deduct fees and other associated costs like books, ribbons, setup fee, application fees, CC processing fees, etc..  Then they will send us a detailed statement and a check for the balance after subtracting those fees.  We deposit the check into the bank but we need to track those expenses against that event.  The challenge is that I only have the difference amount in the check vs them sending us the full amount and sending a bill for us to pay.

 

My question is how do we handle this so that my online bank sync, which shows that deposit for the different amount is correct and matched properly while still being able to enter all the expenses.  

 

Looking at the Deposit from the bank, I don't see anyway to adjust the total amount and add the fees in to bring the total back down to the check amount.

 

I tried to create a journal entry, which looks like it works well and numbers on the entry match, but it looks like it's added all that extra income to the books instead of only using that check deposit as the correct revenue amount.

 

I see this as similar to a Stripe, Square, etc.. where they deduct fees prior to depositing funds into a bank account and the bank deposit doesn't allow for editing to include those fees.

 

We don't create invoices for Entry Express nor do we invoice the entrants since all that is done with Entry Express.  So I don't see any invoice options for me to attach this to, especially since it's them who are essentially billing us for.

 

Thanks in advance for any help.

Solved
Best answer June 05, 2021

Best Answers
JessT
QuickBooks Team

AKC Dog Event - 3rd Party Entry processing and fee allocation

Hi LPRC!

 

Welcome to the Community, and thanks for posting your concern in detail. 

 

Yes, you can create a bank deposit with the full amount on one line and add the expenses as additional lines with negative amounts. That can work since you're not doing invoices or sales receipts. Great job!

 

On the other hand, you can also check about reconciling an account for your reference in the future.

 

Feel free to go back to this thread if you have other questions in mind. Have a good day!

View solution in original post

3 Comments 3
LPRC
Level 2

AKC Dog Event - 3rd Party Entry processing and fee allocation

 
LPRC
Level 2

AKC Dog Event - 3rd Party Entry processing and fee allocation


@LPRC wrote:

We are an AKC club that uses a third party, Entry Express, to have participants sign up for our hunt tests each year.  Entry Express will collect all the funds from the entrants and then deduct fees and other associated costs like books, ribbons, setup fee, application fees, CC processing fees, etc..  Then they will send us a detailed statement and a check for the balance after subtracting those fees.  We deposit the check into the bank but we need to track those expenses against that event.  The challenge is that I only have the difference amount in the check vs them sending us the full amount and sending a bill for us to pay.

 

My question is how do we handle this so that my online bank sync, which shows that deposit for the different amount is correct and matched properly while still being able to enter all the expenses.  

 

Looking at the Deposit from the bank, I don't see anyway to adjust the total amount and add the fees in to bring the total back down to the check amount.

 

I tried to create a journal entry, which looks like it works well and numbers on the entry match, but it looks like it's added all that extra income to the books instead of only using that check deposit as the correct revenue amount.

 

I see this as similar to a Stripe, Square, etc.. where they deduct fees prior to depositing funds into a bank account and the bank deposit doesn't allow for editing to include those fees.

 

We don't create invoices for Entry Express nor do we invoice the entrants since all that is done with Entry Express.  So I don't see any invoice options for me to attach this to, especially since it's them who are essentially billing us for.

 

Thanks in advance for any help.


Here's a sample option that I'm not sure if it works or not, but the final number is what I need to show as deposited into the bank since that's what the check was for.

 

Or do I need to include 1 more line item and assign that $30K to Bank Checking since I had to change line item 1 that originally had it going to the bank for the amount deposited instead of the new Gross sale number?

JessT
QuickBooks Team

AKC Dog Event - 3rd Party Entry processing and fee allocation

Hi LPRC!

 

Welcome to the Community, and thanks for posting your concern in detail. 

 

Yes, you can create a bank deposit with the full amount on one line and add the expenses as additional lines with negative amounts. That can work since you're not doing invoices or sales receipts. Great job!

 

On the other hand, you can also check about reconciling an account for your reference in the future.

 

Feel free to go back to this thread if you have other questions in mind. Have a good day!

View solution in original post

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