I just started a business and I’m new to QuickBooks. I had a customer pay their $50 invoice using Venmo. Since Venmo charges a fee, $48.95 was deposited into my business checking account. QuickBooks Online pulls in my transactions from my checking account. If I try to match the transaction to the invoice it looks like the customer still owes $1.05. How do I fix this?
Thanks for choosing QuickBooks Online to cater to your business needs, ShannonPhoto. I know it can be challenging when you can't match your transactions. I'm here to help you with that.
When recording the payment, you'll have to enter the full amount and put it on the Undeposited Funds account. When depositing the money, add another line item to deduct the fee from the balance.
For more details about the process, please see this article: Using Undeposited Funds in QuickBooks Online.
Additionally, I've included an article that'll help you review your bank and credit card transactions and put them in the correct accounts. This ensures your books are accurate: Categorize and Match Online Bank Transactions in QuickBooks Online.
Please let me know if you have other QuickBooks-related questions or concerns, ShannonPhoto. I'd be happy to assist you. Keep safe always!
Thank you. So what do I do with the transaction that was pulled into QuickBooks from my bank? Do I "exclude" it?
Thanks for getting back to us here in the Community. Allow me to chime in and provide details about bank transactions in your QuickBooks Online (QBO).
Since you already deducted the fee when depositing the payment, all you need to do is to match them instead. The Match option means QBO matched the downloaded transaction with the one you already entered. This links them together to avoid duplicates.
To learn more about managing and matching bank transactions in QBO, consider checking out this article: Categorize and Match Online Bank Transactions in QuickBooks Online.
Once done, you may now proceed with reconciling your account to ensure it's balanced and accurate. You may refer to this article for future reference: Reconcile an account in QuickBooks Online.
I'm only a post away if you have more questions about bank transactions or anything else. I'll be here to help. Take care always.
Ok, I'm trying to follow this step by step. On step 4 it says to select the "bank fees account" in the account column. My account column only has cash and my business checking as an option. If I select the "see and add more categories", the only option is bank & credit cards? Do I need to make a Venmo Fees bank account?
Thanks for the prompt response, @ShannonPhoto. I'm here to help you proceed to the steps of recording the Venmo payment in QuickBooks Online (QBO).
Yes, you'll need to create an expense account so that you can track the payment made through Venmo.
Follow these steps to proceed:
Once done, you can now proceed to the steps provided by my peer above.
For future reference, here are some articles that you can read to help speed up the review process of your online bank transactions:
You can always post your questions here if there's anything else that you need help with recording payments in QBO. I’ll be glad to help and make sure it's taken care of for you. Have a great day ahead!
Ok, I created the Venmo Fees expense account, but it won't let me choose it. It is only letting me choose a bank or credit card for the account here. When I typed in Venmo Fees I got this error that something isn't right.
Thank you for getting back to us for additional assistance, @ShannonPhoto. Let me add some information about the payment charges.
When depositing the payment made that includes the payment charges, choose the real-life bank account. You can use the business checking account that you mentioned above.
For the payment that includes bank processing fees, follow these steps:
You can check this article to know more about making bank deposits in QuickBooks Online: Record and make bank deposits in QuickBooks Online.
Then you can categorize and match bank transactions in QuickBooks Online. Refer to this article for the detailed steps: Categorize and Match Online Bank Transactions in QuickBooks Online.
Get back to me if you need further assistance recording payments in QuickBooks Online. I'm always here to help.
This is where I am stuck. You said on step 4 to to choose "bank charges" from the account drop down. My account drop down ONLY has my checking account, cash, and "see and add more categories". There is no choice of "bank charges". I tried clicking on "see and add more categories" to add "bank charges", but it will only allow me to add a bank or credit card. It will not let me add and expense account. What am I doing wrong?
Thank you for following up with us, Shannon. I'm here to show you how to select the account mentioned by Ethel_A.
The Bank Charges on Step 4 is manually created in QuickBooks Online (QBO) to track bank fees or charges. If you don't have this account you can create it from the Chart of Accounts or through the Bank Deposit window.
Once done, you can now use the account when recording the deposit.
If you wish to add the account through the Chart of Accounts, follow the steps from this article: Add an account to your chart of accounts in QuickBooks Online.
For additional hints while working with your banking entries in the future, you can review the resources from this link: Find help with bank feeds and reconciling accounts.
If you have any other questions about tracking Venmo fees, let me know by adding a comment below. I'm always here to help. Keep safe!
I finally had to contact Intuit support. I guess my account was in Business View and not Accountant View. Once I switched to Accountant View it worked! I had no idea there were even different "views". Just wanted to update in case someone else is having the same issue.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.