Our small association uses QB desktop and uses a third party to program and accept on-line conference registrations. Typically Net funds are ACH into our account where we use the "two line - three step" bank deposit method of assigning fees to the appropriate account resulting in the correct net of funds into our account.
This year because of ACH issues, our vendor mailed a paper check showing the gross income, less fees resulting in a net income number. Because we now have a cash deposit, what is the best way to account for the fees charged? Sales receipt won't allow expenses to come off and it seems clumsy to bill the vendor.
Example of what we are facing: We sold $10,000 in registrations. Our on-line registration vendor charged us $1,000 in credit card and programming fees. The registration vendor sent us a paper check for $9,000 with a stub showing the $10,000 gross income from registrations less the $1,000 credit card/programming fees.
Since we need to track the $1,000 cost of the programming & credit card fees, how do we account for these in depositing the paper check?
QB will not allow expenses to be deducted on a Sales Receipt, i.e., first line showing registration income of $10,000, second line will not allow you to enter a$1,000 expense to net down the deposit to $9,000.