Thank you for providing the details, @UPC7. Let's work together in recording the merchant fees.
Based on the information provided, you receive the total invoice amount plus the merchant fee, and then the merchant charges you the fees afterward. There are two amounts shown on the bank statement. To match this in QuickBooks with your bank statement, you should include an additional service item line on your invoices to add the merchant fee paid by your customer.
Here's how:
- Open and edit the Invoice if you want to add the service fee.
- From the Product or Service dropdown, select the service fee you created. You can create a service fee item if you don't have an existing fee.
- In the Amount field, enter the amount of the service fee.
- Select Review and Send.
After adding the additional service fee, proceed to receive the payment and select the invoices that you recently edited. Once done, proceed to deposit the payment. Let me show the steps below:
- Select + New.
- Choose Bank Deposits. You should see the payment you entered in the Select Existing Payments section at the top.
- Put a checkmark to select the payment you want to deposit.
- From the Add other funds to this deposit section, enter the amount of the bank service fee charged to you by the credit card company as a negative amount. (For example, -0.03)
- From the Account section, select the Expense account you usually use in tracking bank fees.
- Verify that the deposit amount is correct.
- Choose Save and Close to record the transaction.
Once you've finished recording the deposit, you then match QuickBooks with your bank statement.
You can also refer to this article for additional help reviewing and balancing your bank and credit card statements.
Please know that we're always here 24/7 to help you if you have other queries about merchant fees. Have a good day ahead.