How do I account for Venmo fees that are netted from the customer payment. Liability or expense? Thanks!

donna-texas5star · ‎January 10, 2023

We do not charge the Venmo fee to the customer.

SME Bookkeeper · ‎January 10, 2023

If you do not charge/collect this from your customer then make it as cost of goods sold.

If you collect this from your customer then record it as billable expenses. Later on raise the invoice for the payee with all billable expenses.

Further bookkeeping assistance, check my bio

Thanks

wsraaz

View solution in original post

SME Bookkeeper · ‎January 10, 2023

Hello @donna-texas5star

If you do not charge/collect this from your customer then make it as cost of goods sold.

If you collect this from your customer then record it as billable expenses. Later on raise the invoice for the payee with all billable expenses.

Further bookkeeping assistance, check my bio

Thanks

wsraaz

FritzF · ‎January 23, 2023

Hello again, SME Expert Bookkeeper.

I appreciate you for always sharing your knowledge about QuickBooks. This will definitely help other users as well in the future. Please keep on posting here in the Community.

Keep safe and have a great rest of the day.

SME Bookkeeper · ‎January 23, 2023

Hello @FritzF ,

Everything is transactional,

Can you please say hi through my bio?

Thanks.

rashida_suborna · ‎February 28, 2023

Liability

Topics

Training

Community

Resources

How do I account for Venmo fees that are netted from the customer payment. Liability or expense? Thanks!