I am doing the books for a Small Not for Profit (Home Owners Association). I would like to offer payments to our members (ACH and CC). Is there a way to make that happen where the fees get paid by the member instead of the association getting charged the fees? I know there are other methods outside of QuickBooks, but would like to make everything seamless and "in house"
I’m more than happy to share with you some information on how we can let your member pay for the fees in their ACH (bank transfer) and Credit Card (CC) payments.
We’ll need to create a service item for the fees to be included in the invoice. Let me show you how in your QuickBooks Online (QBO) account.
Go to the Sales menu and select the Products and services tab.
Add a name (credit card fee)
From the Category drop-down, select the category that best describes your product or service. Learn more about item categories.
Enter an amount in the Sales price/rate field (visit our QuickBooks Payment page for reference on our latest processing fees). Please know that our processing fees is not permanent and are subject change. Ensure to visit our page from time to time to stay updated.
Fill in the needed information and select Save and Close.
Also, I’d recommend working with your accountant for additional guidance in choosing the right account for the service item. This way, we can guarantee the accuracy of your accounts after recording this. If you’re not affiliated with one, you can visit our ProAdvisor page and look for one from there.
Once done, you can now add the fee to your members' invoices.
Thanks Jasro V. Since this is an Home owners association, we are required to bill everyone the same amount. We bill everyone a flat price once per quarter. We do not know who is going to pay with check, credit card or ACH. So if we don't know before invoicing, how do we add the fee on? We need to be able to do it after the fact.
I am an accountant, I just happen to be a board member for the HOA and I am doing the books for them.
Explore Melio as another option. In just a few clicks they can pay with bank transfers for free. They can even charge credit cards (2.9% fee for them, free for you). And they don’t even need to sign up.
Thanks - I just had a demo from them. They would work great if it were just us paying our bills, but the main reason is to collect our payments from invoices. They are only B2B and our assessments would be coming from individuals.