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How can I record a deposit/payment made by a 3rd party cc processor when their deposit amount is the payment amount less their fee?

 
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Best answer 06-13-2019

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Moderator

Re: How can I record a deposit/payment made by a 3rd party cc processor when their deposit amount...

It's nice to have you in the Community, tom40,

 

I can show you the way on how to record the invoice payment made by a 3rd party processor.

 

To start, you can use the Receive Payment feature to manually record the invoice payment.

 

Here's how:

  1. Click the Plus icon at the top, then choose Receive Payment.
  2. Enter the Customer's name, payment date, and payment method.
  3. Choose Undeposited Funds in the Deposit to field.
  4. Go to the Outstanding Transactions section, then put a check mark on the invoice that was paid.
  5. Click Save and close.

Once done, record a Bank deposit for the payment amount less the fee.

 

To do this task, follow these steps:

  1. Click the Plus icon at the top, then choose Bank Deposit.
  2. In the Account field, choose the specific bank account where the money will be deposited.
  3. Go to the Select the payments included in this deposit section, then put a check mark for the specific invoice.
  4. Go to Add funds to this deposit section, then enter the name of the customer in the Received from column.
  5. Choose an Expense account in the Account column to record the fee.
  6. Enter Description, Payment Method.
  7. In the Amount field, enter a negative amount for the fee.
  8. Click Save and close.

That's it! By following the steps above, you're now able to record the invoice payment made by a 3rd party processor.

 

For additional reference, check out this article: Record and Manage Bank Deposits in QuickBooks Online.

 

If you have any additional questions in recording your transactions tom40, please let me know. Have a wonderful day ahead!

2 Comments
Moderator

Re: How can I record a deposit/payment made by a 3rd party cc processor when their deposit amount...

It's nice to have you in the Community, tom40,

 

I can show you the way on how to record the invoice payment made by a 3rd party processor.

 

To start, you can use the Receive Payment feature to manually record the invoice payment.

 

Here's how:

  1. Click the Plus icon at the top, then choose Receive Payment.
  2. Enter the Customer's name, payment date, and payment method.
  3. Choose Undeposited Funds in the Deposit to field.
  4. Go to the Outstanding Transactions section, then put a check mark on the invoice that was paid.
  5. Click Save and close.

Once done, record a Bank deposit for the payment amount less the fee.

 

To do this task, follow these steps:

  1. Click the Plus icon at the top, then choose Bank Deposit.
  2. In the Account field, choose the specific bank account where the money will be deposited.
  3. Go to the Select the payments included in this deposit section, then put a check mark for the specific invoice.
  4. Go to Add funds to this deposit section, then enter the name of the customer in the Received from column.
  5. Choose an Expense account in the Account column to record the fee.
  6. Enter Description, Payment Method.
  7. In the Amount field, enter a negative amount for the fee.
  8. Click Save and close.

That's it! By following the steps above, you're now able to record the invoice payment made by a 3rd party processor.

 

For additional reference, check out this article: Record and Manage Bank Deposits in QuickBooks Online.

 

If you have any additional questions in recording your transactions tom40, please let me know. Have a wonderful day ahead!

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Re: How can I record a deposit/payment made by a 3rd party cc processor when their deposit amount...

1000 thank yous!

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