How to add credit card processing fees for the year in QuickBooks desktop?

dides · ‎February 10, 2022

I already reconciled my bank for 2021, just need to add the fees in a lump sum.

Pete_Mc · ‎February 10, 2022

Hi dides...

Can you give a little more detail? Are these fees that were changed by the bank and actually showed up as transactions in your Bank Account? In theory you could not have Reconciled if you did not have a $0 Balance every month.

My guess is these Fees that went to the CC Processor and came out of the sales processed before it reached your Bank Acct. So there should not be any kind of entry in your Bank Acct that was not actually a Transaction in that Acct.

You should have an Expense Account for Credit Card Processing Fees. If it doesn't already exist, just to to your Chart of Accounts and Create it.

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Pete_Mc · ‎February 10, 2022

Hi dides...

Can you give a little more detail? Are these fees that were changed by the bank and actually showed up as transactions in your Bank Account? In theory you could not have Reconciled if you did not have a $0 Balance every month.

My guess is these Fees that went to the CC Processor and came out of the sales processed before it reached your Bank Acct. So there should not be any kind of entry in your Bank Acct that was not actually a Transaction in that Acct.

You should have an Expense Account for Credit Card Processing Fees. If it doesn't already exist, just to to your Chart of Accounts and Create it.

dides · ‎February 12, 2022

Hi Pete,

Yes, your guess is correct! The fee was already taken out before it reaches the bank account. It's actually Square fees.

I do have an expense account for Credit Card Processing Fees. So, can enter the whole 2021 fees on this expense account and how do I do the entry? I do appreciate your response. Thank you!

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How to add credit card processing fees for the year in QuickBooks desktop?