My credit card processor went and deducted my credit card processing fees ($1225.01) from one of my daily deposits ($6093.44) & I don't know how to post this deposit correctly net de&
Hello there, Screenman1. I've got the steps you need on how to record this correctly in QuickBooks Online.
You'll have to create an expense account to post the fee.
Then, create a service item for the credit card fee and choose the account you've created as an income account. To do so, you can follow these steps:
Once done, add the fee to the invoice. Here's how:
To learn more about how credit card processing fee works in QuickBooks, please check out these articles:
Keep me posted if you need more help about the process, Screenman1. I'm ready to help you more.
I already posted an expense for the processing fee. My dilemma is how to match the bank feed total of the net deposit. $4868.43. The charges to 4 customers were $6093.44 The Credit card fee $1225.01 was deducted from deposit so Net deposit is $4868.43. I don't know how to match this deposit.
Thank you for getting back to us, @Screenman1.
To match the bank feed total of the net deposit, you have to create a bank deposit for your daily deposit together with the credit card fee. Make sure that you input the correct accounts for your deposits and fees.
Here's how you create a bank deposit for your deposit and fee:
1. Go to +New.
2. Select Bank Deposit.
3. Fill in the necessary information under the Bank Deposit window.
4. Click Save and close.
Once done, you can now match your transactions.
You may visit this article to know how to reconcile your account flawlessly: Reconcile an account in QuickBooks Online.
The Community always welcomes you for further inquiries with regard to your transactions. Have a great day ahead!
When I create a deposit & use the Customers that we received the monies from that double posts the payment since I already took in the payment when we did the initial bank deposit. Do I need to delete the initial receipt of monies and just do the transaction in the bank deposit transaction as described above?
Thanks for the update, @Screenman1.
Yes, you can delete the initial receipt of monies so you won't be double posting the payments in QuickBooks Online (QBO) and keep your financial data accurate. Let me guide you on how to do this below.
Since you already know that the initial receipts duplicate your payment transactions, you can go ahead and delete them. To do this, here's how:
After that, open the initial bank deposit and include the bank fee (-1225.01) in the Add funds to this deposit section. Please see the screenshot below for your reference.
Once you're done, match your deposit to the downloaded bank transaction. You can refer to this article for the complete guide: Categorize and match online bank transactions in QuickBooks Online.
Also, I encourage you to reconcile your accounts in QBO regularly (every month). This helps monitor your income and expense transactions and detect possible errors accordingly. You may want to check out this article as your reference to guide you in doing and fixing reconciliations in QBO: Learn the reconciliation workflow in QuickBooks .
If there's anything else you need in recording bank deposits or questions about managing transactions in QBO, I'm always ready to help. Take care, and stay safe, @Screenman1.
I have the exact same issue. I can't match my deposit tot he appropriate invloices because the amounts don't match due to them taking the processing fees out of the deposit. Did you get an acceptable way to solve the issue>
Thanks for joining the Community and getting involved with this thread, vetsfirstdme.
If the steps shared by my colleagues above didn't solve your scenario and enable you to match your deposit to its associated invoices, I'd recommend working with an accounting professional.
In the event you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.
Here's how it works:
Once you've found an accountant, they can be contacted through their Send a message form:
You'll also be able to find many detailed resources about using QuickBooks in our help article archives.
If there's any additional questions, I'm just a post away. Have a great day!
Yes, click on the specific deposit you are trying match & then click find match. When you are posting the matched invoices to the deposit when you have a refund or in your case the credit card fees, post the invoices that do match and then at the bottom of the screen click on resolve the difference and then a drop down appears that you can then post the refund or creditcard merchant fee in an expense account to balance the deposit.
Here is what I did which is a LOT simpler and achieves the same results.
In my case:
I was charged a $10 fee from my processor for a returned authorization because we accidentally double processed an ACH payment. It only shows up 1 time in Quickbooks so it was NOT a double payment as far as Quickbooks knew.
So, when I made the deposit, which was shorted $10:
Enter (or choose from the previous undeposited funds screen) the customer, the from Acct: Undeposited Funds, then the actual $ amount from the customer(s) that appears in that deposit normally.
After you enter each customer's payment (assuming you had more than 1), then add a new line, but put that it is received from the Processor/vendor. In my case, Helcim,
The From Account: Bank service charges (this is an expense account I previously set up).
Or you could use the same "merchant service expense" account you use to post the fees from that merchant but I wanted to account for it separately so I could easily calculate the % I was paying to process payments through this vendor and not have it skewed by our mistakes and extraordinary fees.
If you don't know why they are charging you that, you could choose your suspense account until you figured out what it was for. Like if it was a chargeback for a previous deposit, which has other consequenses for you and your customer's account.
Check #: You could enter the batch # from the processor associated with the deposit to help you find it later.
Payment method doesn't really matter. Just choose ACH if you have such a thing set up. Or leave it blank.
Then the AMOUNT is the NEGATIVE amount of the amount they took from the deposit.
This will reduce the actual deposit amount and account for the fee (or whatever the reduction amount was for). This is allowed as long as the total deposit amount is positive.
In my case, it happened to be a deposit for 1 single customer where we accidentally double processed the payment. We only entered it once in Quickbooks but we double processed it when we went to actually charge them. We don't use Quickbooks directly to process ACH payments. So, they deposited the 1 payment but then took out a $10 fee. So on the first line of my deposit is the customer info and the ORIGINAL charge amount, and then line 2 has the $10 fee (-$10) received from the vendor (Helcim), posted to my Bank Service charge account.
If you run an expense report, it shows up as a deposit but it properly debits this expense account, which is what you want.
The ONLY drawback to this, is if you go to look under Vendor Center at that actual vendor to see what they are charging you, you won't see that $10 fee because it is essentially a general ledger entry and not related to a charge or a credit. But this okay with me because it is an unusual situation and if I really wanted to, I can always go run an Expense by Vendor detail report and filter just with that Credit card processor vendor name, and you will see all the check charges for their fees and credits if they gave you any, which they usually withdraw separately, along with any of these "deposit" entries you made that increased this expense account.
I hope this helped.
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