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March 7, 2021
Solved

Bulk Journal Entry for Merchant Fees

  • March 7, 2021
  • 1 reply
  • 23 views

Hello,

 

I need to make a bulk journal entry for merchant fees deducted throughout the year.  My merchant makes daily deposits into my bank account MINUS the fees (i.e. client payment of $50.00 - merchant fees of $2.50 = $47.50 deposit).  I now have to record the merchant fees paid throughout the year.  How do I properly do this JE?

Best answer by Rustler

debit the fee expense account, credit the bank account

1 reply

Rustler
RustlerAnswer
Level 15
March 7, 2021

debit the fee expense account, credit the bank account