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ricksilkey
Level 1

Credit Card Fee Tracking

I use Desktop, not online.  I am finding a lot of information for the online version, but it doesn't help me.

 

I want to pass on the credit card fee to my customers.  How do I set this up?  I thought I was to add "Credit Card Fee" as an "other charge" and include the amount on the invoice.  But it doesn't seem to working out when I post the payment and deposit.

 

Can someone walk me through this set up process?

3 Comments 3
JasroV
QuickBooks Team

Credit Card Fee Tracking

You've come to the right place, Rick.

 

I'd be delighted to walk you through the steps in recording a credit card (CC) fee. You'll want to create a service item for the fee to be included in your invoice. Let me show you how.

 

Before we proceed, I recommend working with your accountant for guidance in choosing the right account for the item. If you're not affiliated with one, you can visit our ProAdvisor page and look for one from there. This way, we can ensure your accounts are well accounted for.

 

Once done, you can proceed to these steps:

 

  1. Go to the Lists menu.
  2. Select Item List.
  3. Right-click anywhere and click New to create a new item.
  4. Select Service as the item type.
  5. Choose an account from the Account field (refer to your accountant).
  6. Enter the needed details and click OK

 

You can also check this link for more details: Add, edit, and delete items.

 

Once done, you can add the fee to your invoice as another line item. 2.PNG

 

When you’re ready to deposit the payment, you can utilize this article in recording it: Record and make bank deposits in QuickBooks Desktop

 

You're always welcome to post a reply in this thread if you have follow-up questions about recording CC fee. I'll be around to back you up!

ricksilkey
Level 1

Credit Card Fee Tracking

Thank you.  Still need a little more info please.

 

When I invoice a client that wants to pay by credit card, I went into my Item list and set up a new line called "Square Charges" as a service item, and I put the account as an expense account that I set up called "Square Fees".   I put that line item on the invoice ($50.)
 
When I get the payment, I record the payment for the invoice under the "Received Payments" and in the deposit screen I put a second line showing a negative going to my "Square Fees" account ( -$50) so that it shows the actual amount deposited.  
 
It sounds like it makes sense to me, but when I processed one the "Square Fees" account now shows $0 balance.  Is that correct?  I thought it would keep track of the total in credit card fees we are paying accumulating with each one????
ZackE
QuickBooks Team

Credit Card Fee Tracking

Thanks for following up with the Community, ricksilkey.
 

To properly identify if your balance and set up process for tracking processing fees is correct, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find an Accountant. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.
 

Here's how it works:

  1. Visit our Find an Accountant webpage.
  2. In the Find an expert in section, choose what you're looking for, then use your search field to enter a City or ZIP code.
  3. Hit Search.
  4. Browse through the results and find one that works best for your business. You can click each ProAdvisor's profile to learn more information about their services.


Once you've found an accounting professional, they can be contacted through their Send a message form:

  1. Use the available text box to introduce yourself. Be sure to include details about which services you're looking for.
  2. Enter your info in the Your nameYour email, and Your phone number (optional) fields.
  3. Select Send message.


You'll additionally be able to find many detailed resources about using QuickBooks in our help article archives.

 

Please don't hesitate to send a reply if there's any questions. Enjoy the rest of your day!

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