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Can I subtract an expense from a Bank deposit to leave cash for payment?

 
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QuickBooks Team

Can I subtract an expense from a Bank deposit to leave cash for payment?

Hello there, @liz-zentz.

 

Thanks for reaching out to us in the Community space. I can help you subtract an expense from a bank deposit.

 

When making a deposit, you can add a new line with a negative amount under Add funds to this deposit

 

Here's how:

  1. Go to the Plus icon.
  2. Under Other, select Bank Deposit.
  3. In the Add funds to this deposit section, enter information about any additional items to include in this deposit, including who the item was Received From, the Account, Payment Method, and Amount of the item.
  4. Add a new line for an expense transaction and enter a negative amount.
  5. Under Account, choose an expense account.
  6. Click Save and close.

For more information about recording a bank deposit, just check out the following article: https://quickbooks.intuit.com/community/Banking-and-bank-feeds/How-to-record-bank-deposits/td-p/1855....

 

This information should help you deduct an expense from a bank deposit. I'll be on the lookout for your reply and to further assisting you if you have other questions. Wishing you and your business continued success. 

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Level 1

Can I subtract an expense from a Bank deposit to leave cash for payment?

When you add an expense in a deposit does it show up in your expenses on your profit and loss statement? It seems like this is the easiest way to document the merchant account fee associated with each deposit by Square so that the deposit matches the bank statement. 

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QuickBooks Team

Can I subtract an expense from a Bank deposit to leave cash for payment?

Welcome to the thread, @SugarBird. I'd be happy to provide information on creating deposits.

 

The expenses added to a deposit will be tracked and included on a Profit and Loss.

 

You're also correct that this would be one of the easiest ways to include merchant processing fees, like Square. For additional information on this process, I recommend the following article: Enter a bank service fee while using a third-party merchant service.

 

If you have questions about this or any other QuickBooks topic, I'm a post away. Hope you have a wonderful weekend.

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