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Should I record merchant account charges and fees under "merchant account fees...cost of goods sold" or should I record them under "bank service charges"?

 
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Best answer 12-10-2018

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Super Contributor *

For most businesses, they are considered bank fees, which...

For most businesses, they are considered bank fees, which is an expense.  At least that has been the case with the businesses I have worked with over the years.  Here is a good discussion among CPA's on where they should be accounted for:  https://www.proformative.com/questions/accounting-for-merchant-fees





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Super Contributor *

For most businesses, they are considered bank fees, which...

For most businesses, they are considered bank fees, which is an expense.  At least that has been the case with the businesses I have worked with over the years.  Here is a good discussion among CPA's on where they should be accounted for:  https://www.proformative.com/questions/accounting-for-merchant-fees





View solution in original post

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