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! Go to Solution.
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:
Then you can add it on the sales receipt second line item. Follow these steps below:
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!
@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.
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.
@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!