cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 2

Processing Payment

We had our first online sales from our website ffor $413.65.  When website was set up there was an error inputting the proper bank account.  In quickbooks it posted the $413.65 as a deposit but the bank charged us a fee of $12.30 for rerouting the transaction and the deposit to the actual bank account iw only $401.35.  How do I make the adjustment in Quickbooks?  Do I just change the amount of the sale to match the actual deposit?  I'm thinking I need to show the $12.30 as an expense to bank charges but not sure how to do this.  

3 Comments
Highlighted
Level 15

Processing Payment

deposit the full  amount

then enter a check transaction, change the check number to EFT and do not print, enter the amount, the bank fee expense account, and maybe an explanation in the memo block

 

your bank statement will show two transactions, and so should the books mimic real life

Highlighted
Level 2

Processing Payment

I now find out that everytime an online purchase is made the processing fee of 2.9% comes right off the top of the sale.  This will happen to every online purchase.  Just so I am clear, I would accept the full amount of the sale into Quickbooks and then enter the processing fee as an EFT and put it under the expense of bank fees?  Sorry but I am learning as I go along.

Highlighted
QuickBooks Team

Processing Payment

Yes, you're on the right path, Roseroscoe44.

 

In addition to what Rustler shared, you can also add the bank fee on the Bank Deposit page. 

 

When you accept the payment, deposit it to the Undeposited Funds, then add the bank fee there. Here's how:

  1. Click the New icon or Plus sign (+) icon.
  2. Select Bank deposit
  3. Select the payment or deposit.
  4. Under Add funds to this deposit, add the bank fee account, then enter a negative amount.
  5. Select the bank account where it'll be deposited.
  6. Click Save and close

Here's how it looks like:

 

If you've connected your bank to online banking, you can match the transactions. 

 

If there's something else that you need, you can always get back to this thread. 

Need to get in touch?

Contact us