Should I record merchant account charges and fees under "merchant account fees...cost of goods sold" or should I record them under "bank service charges"?
Should I record merchant account charges and fees under "merchant account fees...cost of goods sold" or should I record them under "bank service charges"?
For most businesses, they are considered bank fees, which is an expense. At least that has been the case with the businesses I have worked with over the years. Here is a good discussion among CPA's on where they should be accounted for: https://www.proformative.com/questions/accounting-for-merchant-fees
Should I record merchant account charges and fees under "merchant account fees...cost of goods sold" or should I record them under "bank service charges"?
For most businesses, they are considered bank fees, which is an expense. At least that has been the case with the businesses I have worked with over the years. Here is a good discussion among CPA's on where they should be accounted for: https://www.proformative.com/questions/accounting-for-merchant-fees
Sign in for expert help
Ask questions, post replies & join our community of QuickBooks users.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
