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Buy nowI'll be glad to guide you in tracking it, laura-lauraelylc.
You can manually record the card processing fee in QuickBooks Self-Employed. To ensure that this transaction will show on the correct line of your Schedule C, you'll have to categorize it under Transaction/processing fees. Here's how:
Select Transaction from the sidebar menu.
In addition, here are some articles that you can read to help manage your business transactions in the program:
Do let me know if you need more help in completing your other tasks. Simply add the details in the comment section and I'll get back to you as soon as I can.
Hi aura-lauraelylc,
Hope you’re doing great. I wanted to see how everything is going about your issue in recording the processing fee yesterday. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.
Looking forward to your reply. Have a pleasant day ahead!
Unfortunately these steps don't work if you're importing transactions from a bank account. The bank transaction will show $99 income, and adding a $1 fee means net income tracked is $98. Instead, I think that you'd need to:
1. Mark the original $99 transaction as "Excluded".
2. Create a manual $100 transaction as income.
3. Create a manual –$1 transaction as "Transaction/processing fees".
So for every income transaction, you'll need to exclude the original and create two manual transactions.
Hello guys,
I am using also qb self employed o line and I cannot see this expense category.
It only suggests as Bank Charges or Other Financial expenses.
Is there any other way to enable it?
I'll provide information about using expense categories in QuickBooks Self-Employed, Jorfan.
It seems that the transaction/processing fees expense categories mentioned by my colleagues are specific to QuickBooks Self-Employed US. This could explain why you didn't see these categories, as the Bank Charges or Other Financial expense you've mentioned is for QuickBooks Self-Employed UK.
However, QuickBooks Self-Employed UK offers allowable and disallowable expense categories that you can select. If you're uncertain about which categories to use, it's advisable to consult with your accountant. They can guide you in selecting the appropriate categories to ensure the accuracy of your books. For more details about allowable and disallowable expenses in QBSE, see this article: Allowable and disallowable expenses explained.
I'll also share our QuickBooks Blog that explains more about your expenses and how to add your transactions in QBSE :
If you have any other follow-up questions about expense categories, let me know by adding a comment below. I'm more than happy to help. Keep safe.
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