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Level 1

Bringing data to quickbooks from another system.

This may seem like an odd one but a problem i am trying to solve. I am migrating from one accounting system to quickbooks. I don't have a large amount of transactions so just manually adding old invoices and such. An issue I am having is i had an invoice for a customer for $220.00 dollars however in the bank record the payment is only $213.32 this is because of credit card processing fee that i did not pass on to the customer. Because of this it shows the customer still has an outstanding unpaid balance. How can i resolve this and show it as paid in full but that additional payment went to CC processing?

 

Thanks in advance

 

Solved
Best answer February 18, 2020

Best Answers
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QuickBooks Team

Bringing data to quickbooks from another system.

I can definitely help you in resolving this, crezsoft.

 

We can add the credit card processing fee as a second line item on the invoice, then enter the value of the fee as a negative amount. This way, the invoice will show as paid in your reports, and at the same time, we're able to record the fee. I'll guide you how:

 

  1. Click the + New icon, then select Invoice.
  2. From the Customer ▼ dropdown, select a customer and fill in the other necessary fields. 
  3. Select the appropriate product or service from the Product/Service column, then enter $220.00 for the amount.
  4. On the second line, select +Add new from the  Product/Service column to create a service item for the credit card processing fee.
  5. Choose Service, then enter the necessary information.
  6. In the Income account drop-down menu, select the appropriate expense account since this is a fee (I recommend reaching out to your accountant in choosing the right expense account to avoid confusion and discrepancies). 
  7. After adding all the information, hit Save and close.
  8. Enter -6.68 for the amount of that service item.
  9. Click Save to complete the process.

If you want to track all the invoices that are due on a particular day or date range, you can refer to this article in pulling up the report: Report of invoices that are due on a specific day.

 

I'll be right here to keep helping if you need additional assistance in recording your transactions to QuickBooks. Don't hesitate to tag me in your comment.

View solution in original post

1 Comment
Highlighted
QuickBooks Team

Bringing data to quickbooks from another system.

I can definitely help you in resolving this, crezsoft.

 

We can add the credit card processing fee as a second line item on the invoice, then enter the value of the fee as a negative amount. This way, the invoice will show as paid in your reports, and at the same time, we're able to record the fee. I'll guide you how:

 

  1. Click the + New icon, then select Invoice.
  2. From the Customer ▼ dropdown, select a customer and fill in the other necessary fields. 
  3. Select the appropriate product or service from the Product/Service column, then enter $220.00 for the amount.
  4. On the second line, select +Add new from the  Product/Service column to create a service item for the credit card processing fee.
  5. Choose Service, then enter the necessary information.
  6. In the Income account drop-down menu, select the appropriate expense account since this is a fee (I recommend reaching out to your accountant in choosing the right expense account to avoid confusion and discrepancies). 
  7. After adding all the information, hit Save and close.
  8. Enter -6.68 for the amount of that service item.
  9. Click Save to complete the process.

If you want to track all the invoices that are due on a particular day or date range, you can refer to this article in pulling up the report: Report of invoices that are due on a specific day.

 

I'll be right here to keep helping if you need additional assistance in recording your transactions to QuickBooks. Don't hesitate to tag me in your comment.

View solution in original post

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