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Join nowWe 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.
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
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.
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:
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.
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