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

Recording a sales receipt that includes a fee

Business owner received a payment for a sale of $750 to bank, however he accepted a fee to of $23 to receive the payment quicker.  So the deposit is only for $727.  I need to record the sale of $750 and a expense for the fee of $23.  What is the best way to record the full sale and the expense from one bank transaction?    

Solved
Best answer August 16, 2021

Best Answers
Test2Go
Level 5

Recording a sales receipt that includes a fee

@MLups, match the downloaded payment ($727) to the bank deposit, not to the sales receipt.

 

The expense portion ($23) is already declared in the bank deposit.

View solution in original post

5 Comments 5
Jovychris_A
QuickBooks Team

Recording a sales receipt that includes a fee

I can help you record the product you sell and the fee on a sales receipt, @MLups.

 

You can add a new service item, and you may name it Fee (or Bank Fee, Charge, Bank Charge). Once done, add the new service on the second line item of the sales receipt and then enter the amount as negative (-23) to offset the value of the item you sell.

 

Let me show you how:

  1. Select the Sales menu from the left panel and then select Products and services.
  2. Click New.
  3. Select the Service type item and then name it Fee.
  4. Hit Save and close.

 

Then you can add it on the sales receipt second line item. Follow these steps below:

 

  1. On the Sales receipt window, add the Fee on the second line item.
  2. Hit Save and close.

 

Well done! I've added an article for more details and a video: Create and send sales receipts in QuickBooks Online.

 

Just in case you want to learn how to receive customer payments online and in-person sales, you can check this article: Take and process payments in QuickBooks Online.

 

Should you have questions about recording sales and expenses in QuickBooks Online, feel free to post them below. I'm always ready to help you. Stay safe, and have a great weekend ahead!

Test2Go
Level 5

Recording a sales receipt that includes a fee

@Jovychris_A it's not advisable to deduct the fee on the sales receipt. If this is a taxable sale, your record will be in trouble.

 

@MLups , record the sales receipt as is. Make sure the total is $750 (full sale amount), and it's deposited to Undeposited funds.

sales receipt.PNG

 

When you deposit the money to your business account, add the fee with a negative amount like how it's done in the screenshot below. This leaves a net deposit of $727.

 

bank deposit.PNG

MLups
Level 2

Recording a sales receipt that includes a fee

@Test2Go & @Jovychris_A  Thank you both for your help!

 

@Test2Go The payment was received through the Bank Feed.  Is it recommended to enter a Bank Deposit like you did instead?  Because when "Match" is clicked through the Bank Feed transaction i only have the option to apply the deposit and not enter the Bank Fee expense.  Also when i try to "Split" the transaction I don't have the option to apply the payment to the Sales Receipt.  

Thanks again for your help!

Test2Go
Level 5

Recording a sales receipt that includes a fee

@MLups, match the downloaded payment ($727) to the bank deposit, not to the sales receipt.

 

The expense portion ($23) is already declared in the bank deposit.

View solution in original post

MLups
Level 2

Recording a sales receipt that includes a fee

Thank you very much!  So helpful! 

 

Need to get in touch?

Contact us
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up