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Community Backer **

Invoice

Hello,

 

I'm stuck!  :smileyfrustrated: Hopefully someone out there can help me.

I invoiced my customer for my services with a total of $1,012. Customer could only pay thru PayPal, so I submitted the invoice thru PayPal. He payed the full amount of $1,012 but PayPal charge me a fee of $54.43 from the $1,012. Now I'm reconciling my bank statement and I see a total of $957.57 was deposited to my account. I want to payed this invoice in quickbooks (RECEIVE PAYMENT for the invoice of $1,012)  What should I do if I know my customer payed the full amount $1,012 but PayPal charge my a fee of $54.43.? I basically receive only the $957.57.

 

Please advice

Thank you.

Solved
Best answer 03-08-2019

Accepted Solutions
Highlighted
Anonymous
Not applicable

Re: Invoice

It's nice to see you here today, @Eve2019,

 

Thanks for sharing in-depth details about the issue your getting. I can provide you the steps to record the invoice payment with the bank fee in QuickBooks Desktop.

 

Step 1: Create the customer invoice.

  1. Click the Customers menu.
  2. Select Create Invoices.
  3. Enter the exact amount to be invoiced. (See screenshot below)
    invoice.PNG

Step 2: Receive the full invoice payment to remove the A/R balance.

  1. On the invoice, click the Receive Payments icon.
  2. Select the correct invoice to pay.
  3. Click Save & New or Save & close. (See screenshot attached)
    payment.PNG

Step 3: Enter a Bank Deposit for the bank fee to relieve the balance from Undeposited Funds account. (See screenshot)

  1. Click Banking menu.
  2. Select Make Deposits.
  3. Mark the invoice payment you made from the Select Payments To Deposit section.
  4. Click OK.
  5. In the Received From column, enter the bank fee as a vendor.
  6. In the From Account column, add an expense account for the fee.
  7. In the Amount field, enter a negative fee amount (-$54.43).
  8. Make sure the deposit matches the net bank deposit amount.
  9. Click Save and close.
    score.PNG

Once done, you can now match your bank statement with the $957.57 payment you received. That should get you on the right track, @Eve2019. Please let me know if you need further assistance with recording the bank fee. I'll be available to help you anytime. Have a great day!

 

2 Comments
Highlighted
Anonymous
Not applicable

Re: Invoice

It's nice to see you here today, @Eve2019,

 

Thanks for sharing in-depth details about the issue your getting. I can provide you the steps to record the invoice payment with the bank fee in QuickBooks Desktop.

 

Step 1: Create the customer invoice.

  1. Click the Customers menu.
  2. Select Create Invoices.
  3. Enter the exact amount to be invoiced. (See screenshot below)
    invoice.PNG

Step 2: Receive the full invoice payment to remove the A/R balance.

  1. On the invoice, click the Receive Payments icon.
  2. Select the correct invoice to pay.
  3. Click Save & New or Save & close. (See screenshot attached)
    payment.PNG

Step 3: Enter a Bank Deposit for the bank fee to relieve the balance from Undeposited Funds account. (See screenshot)

  1. Click Banking menu.
  2. Select Make Deposits.
  3. Mark the invoice payment you made from the Select Payments To Deposit section.
  4. Click OK.
  5. In the Received From column, enter the bank fee as a vendor.
  6. In the From Account column, add an expense account for the fee.
  7. In the Amount field, enter a negative fee amount (-$54.43).
  8. Make sure the deposit matches the net bank deposit amount.
  9. Click Save and close.
    score.PNG

Once done, you can now match your bank statement with the $957.57 payment you received. That should get you on the right track, @Eve2019. Please let me know if you need further assistance with recording the bank fee. I'll be available to help you anytime. Have a great day!

 

Community Backer **

Re: Invoice

My screen looks different from your screen. I have QB 2018. There was some steps I skipped because couldn't find them not sure if it has to do with me having QB2018. anyways I went along with your steps and now my numbers match. So I think I did it right. 

The account I received from was- MY BANK and  from the Account column  I entered the account I created which was PAYPAL- as an Expense and then in the AMOUNT column I entered the negative amount which is the fee paypal charged me.... so I did these steps which I think is basically the same as your steps and and my account balanced out. Thank you so much!

 

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