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What is a proper way to record the affiliate fees with payments made to us?
Thank you very much!
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Oh, that's entirely different - but identical to how card processing fees are handled when we collect through Square.
Record full payment for services, create deposit, and on an extra line in deposit, enter negative for an expense account for fees to get to net deposit amount.
If you charged $100 and received $90 you would have line 1 100, line 2 -10, net deposit 90
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You can use an Invoice and Receive Payment or just a Sales Receipt. Set up or use an existing product/service that flows to an income account
Thank you so much for your reply! I don't have a problem recording the payments but not sure how to reflect the fee that is being deducted from the total.
Great , i was not sure if you handle it like other processing fees.
Thank you for your input:)