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CourtneyH
Level 1

stripe fees

Needing some help, I use only stripe payments as form of payment. 

Stripe charges me a fee of 3.65%, however when I charge my customers, I charge a base rate of  4.5%.

What is the best way to process this on my sales receipts? As I am doing it now, its showing my expense as a negative $, but its income, right?

Solved
Best answer February 22, 2021

Best Answers
Charies_M
Moderator

stripe fees

Nice to have you here, CourtneyH.

 

Let's create an income item for the stipe fee that you will collect. Then, on your sales receipt, add the 4.5% rate to the next line under your item.

 

For the steps on how to create an item, you can refer to this article: Add product and service items to QuickBooks Online.

 

Next is to apply the item on your sales receipt. I'll show you how to do it below:

 

  1. Go to the +New icon and select Sales receipt.
  2. Fill in the necessary information including Products and Service items, Rate, and Amount. See screenshot below:
  3. Click Save and close.

Once done, create a Bank Deposit and deduct the Stripe charge which is 3.65% under Add funds to this deposit section. 

 

Here's how:

 

  1. Go to the +New icon and select Bank Deposit.
  2. Mark the invoice payment you received previously from the Select the payments included in this deposit section.
  3. Expand the Add funds to this deposit section to add a new line item.
  4. In the Received From column, enter the credit card fee as a vendor.
  5. In the Account column, add an expense account for the fee.
  6. In the Amount field, enter a negative fee amount.
  7. Make sure the deposit matches the net bank deposit amount.
  8. Click Save and close.

Check out this article to learn more about how to enter a bank service fee when using third-party merchant service for accepting credit card payments: Enter a bank service fee while using a third-party merchant service.

 

If you need other references in the future, please feel free to visit our site: Help articles for QuickBooks Online.

 

Please let me know if you have any additional questions or concerns. I'm more than willing to help. Have a great day!

View solution in original post

4 Comments
Charies_M
Moderator

stripe fees

Nice to have you here, CourtneyH.

 

Let's create an income item for the stipe fee that you will collect. Then, on your sales receipt, add the 4.5% rate to the next line under your item.

 

For the steps on how to create an item, you can refer to this article: Add product and service items to QuickBooks Online.

 

Next is to apply the item on your sales receipt. I'll show you how to do it below:

 

  1. Go to the +New icon and select Sales receipt.
  2. Fill in the necessary information including Products and Service items, Rate, and Amount. See screenshot below:
  3. Click Save and close.

Once done, create a Bank Deposit and deduct the Stripe charge which is 3.65% under Add funds to this deposit section. 

 

Here's how:

 

  1. Go to the +New icon and select Bank Deposit.
  2. Mark the invoice payment you received previously from the Select the payments included in this deposit section.
  3. Expand the Add funds to this deposit section to add a new line item.
  4. In the Received From column, enter the credit card fee as a vendor.
  5. In the Account column, add an expense account for the fee.
  6. In the Amount field, enter a negative fee amount.
  7. Make sure the deposit matches the net bank deposit amount.
  8. Click Save and close.

Check out this article to learn more about how to enter a bank service fee when using third-party merchant service for accepting credit card payments: Enter a bank service fee while using a third-party merchant service.

 

If you need other references in the future, please feel free to visit our site: Help articles for QuickBooks Online.

 

Please let me know if you have any additional questions or concerns. I'm more than willing to help. Have a great day!

View solution in original post

Charies_M
Moderator

stripe fees

Hi, CourtneyH.

 

Hope you’re doing great. I wanted to see how everything is going about handling the stripe fees you had the other day. 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 any time.


Looking forward to your reply. Have a pleasant day ahead!

CourtneyH
Level 1

stripe fees

I think that did make it clearer for me.  I need to change the "fee" charge on the receipts to income, otherwise its in the negative and shouldn't be.

Going forward, the owner is going to charge the exact amount that stripe charges, just to make it easier on him/me to process orders. So should I make a different service charge for that amount, or just edit the one i currently have? I don't want it to mess up work i've already done.

MaryLandT
QuickBooks Team

stripe fees

Thanks for keeping an eye on this post, CourtneyH.

 

You can either change the current amount on the sales receipt or create a different item. It'll still depend on your business need and to ensure your items are well organized.

 

If you don't want to edit the amount every time you enter a sales receipt, you can enter a new item for the service charge. Let me show you how:

 

  1. Go to the Sales menu, select the Products and services tab.
  2. Click New, then choose Non-inventory or Service.
  3. Enter a new name.
  4. From the Category ▼ drop-down, select the category that best describes the charge.
  5. In the Sales information section, enter a description. This is what your customers will see on their sales form.
  6. Enter an amount in the Sales price/rate field. 
  7. Select the Income account ▼ drop-down and the account you want to use to track the sale.
  8. When you're done, click Save and Close.

In case you want to keep things organized for your items, you can group them into different categories.

 

Stay in touch if there's anything else I can help you with today. Just tag my name, and I'll get back to you.

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