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utkanf
Level 2

Deposit amount is less than Invoiced due to Venmo fee and not I can't enter the transaction

 I have been accepting Venmo payments for my services for years. For the first time one of my customers marked the transaction as a service and Venmo charged $1.62 for the $80 invoice. I am having hard time understanding hot to reconcile this transaction after reading couple of posts here. I crated the Venmo as vendor. But if I split the transaction open Invoice I have still looks unpaid .

What Am I doing wrong? 

Please help 

Solved
Best answer February 10, 2022

Best Answers
AlcaeusF
Moderator

Deposit amount is less than Invoiced due to Venmo fee and not I can't enter the transaction

Hello @utkanf,

 

Welcome to the Community. I can help you handle the transaction in QuickBooks Online.

 

You'll need to open the invoice and enter a payment temporarily into the Undeposited Funds account. I recommend you follow this method to ensure the fee is deducted later on (see screenshot below).

 

 

Once done, please move the payment to the actual bank account by creating a deposit. From the Bank deposit screen, you can also add the fee for the service.

 

Please follow these steps:

 

  1. Click the + New option in the upper-left corner.
  2. Select Bank deposit under Other.
  3. Put a checkmark on the customer payment.
  4. Add the fee under Add funds to this deposit (you can use an expense account for the Venmo fees).
  5. Enter the amount as a negative number.
  6. Hit Save and close

 

For more information, as well as how to review past bank deposits, I recommend the following article: Record and make bank deposits in QuickBooks Online.

 

Keep me posted if you need anything else regarding recording processing fees in QuickBooks. Have a great day.

View solution in original post

3 Comments 3
AlcaeusF
Moderator

Deposit amount is less than Invoiced due to Venmo fee and not I can't enter the transaction

Hello @utkanf,

 

Welcome to the Community. I can help you handle the transaction in QuickBooks Online.

 

You'll need to open the invoice and enter a payment temporarily into the Undeposited Funds account. I recommend you follow this method to ensure the fee is deducted later on (see screenshot below).

 

 

Once done, please move the payment to the actual bank account by creating a deposit. From the Bank deposit screen, you can also add the fee for the service.

 

Please follow these steps:

 

  1. Click the + New option in the upper-left corner.
  2. Select Bank deposit under Other.
  3. Put a checkmark on the customer payment.
  4. Add the fee under Add funds to this deposit (you can use an expense account for the Venmo fees).
  5. Enter the amount as a negative number.
  6. Hit Save and close

 

For more information, as well as how to review past bank deposits, I recommend the following article: Record and make bank deposits in QuickBooks Online.

 

Keep me posted if you need anything else regarding recording processing fees in QuickBooks. Have a great day.

utkanf
Level 2

Deposit amount is less than Invoiced due to Venmo fee and not I can't enter the transaction

Thank you. That worked.

Candice C
QuickBooks Team

Deposit amount is less than Invoiced due to Venmo fee and not I can't enter the transaction

Good morning, @utkanf

 

Thanks for coming back and letting us know how that went. 

 

You're welcome! I'm so glad that we were able to help you out and fix this problem for you. 

 

I'm only a post away if you need me again. Happy Friday! 

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