cancel
Showing results for 
Search instead for 
Did you mean: 
Bom Demais
Level 1

How do I categorize the monthly fee paid to Intuit to run Quickbooks Online?

What do you guys do in your books to record these fees for Quickbooks Online? The software automatically categorize it under intangible asset, but I think it is an expense.

Solved
Best answer October 15, 2021

Best Answers
ssprowles1
Level 2

How do I categorize the monthly fee paid to Intuit to run Quickbooks Online?

It is an expense. I typically would post these to either a Software Expense, Office Expense, or similar type expense account.  

 

QBO will offer suggestions for posting transactions, but should be reviewed for accuracy because it can be wrong often - especially in a new file as there is very little historical data for QBO to use when making suggestions. QBO will also suggest a rule if you code a transaction the same way 2 or three times in bank feeds, so if a rule was setup with incorrect coding you will need to go into the Rules tab to adjust the rule to reflect the correct GL account. 

View solution in original post

9 Comments 9
ssprowles1
Level 2

How do I categorize the monthly fee paid to Intuit to run Quickbooks Online?

It is an expense. I typically would post these to either a Software Expense, Office Expense, or similar type expense account.  

 

QBO will offer suggestions for posting transactions, but should be reviewed for accuracy because it can be wrong often - especially in a new file as there is very little historical data for QBO to use when making suggestions. QBO will also suggest a rule if you code a transaction the same way 2 or three times in bank feeds, so if a rule was setup with incorrect coding you will need to go into the Rules tab to adjust the rule to reflect the correct GL account. 

Bom Demais
Level 1

How do I categorize the monthly fee paid to Intuit to run Quickbooks Online?

Thank you for your assistance, It was a very valuable feedback.
I did not mean to reply this late, but for some reason I couldn't find this forum in my Quickbooks online. I finally found a way in through an email, and now I know.

AlcaeusF
Moderator

How do I categorize the monthly fee paid to Intuit to run Quickbooks Online?

Hello @ssprowles1,

 

I have reviewed the solution you’ve shared and it's correct and accurate. Thank you for sharing your inputs to help address the issue.

 

We love to see members supporting one another! Have a great day.

LG32
Level 1

How do I categorize the monthly fee paid to Intuit to run Quickbooks Online?

Hi,

I just saw two "deposits" .24 + .19 as Intuit called them, then the total was "spent" in the bank feed, .43 I created an expense for .43 This comes up in the income statement as

 

Bank charges & fees                                             .43

Office Software Expense                                      -.43

 

Does this sound right?

 
 
 

 

 

JonpriL
Moderator

How do I categorize the monthly fee paid to Intuit to run Quickbooks Online?

Hi there, @LG32.

 

Charges you are not able to identify appearing on your bank statement normally are service fees upon processing your online transactions. Yes, bank charges or categories along these lines are accounts used to record these transactions.

 

If in doubt, I recommend looking up these charges to help recognize why they are listed on your bank statement. Kindly read and use this article to learn more: How to Get More Details About Intuit Charges on Credit Card or Bank Accounts?

 

I'm a post away if you have any other QuickBooks concerns. I wish you continued success in all of your business ventures. Take care!

LG32
Level 1

How do I categorize the monthly fee paid to Intuit to run Quickbooks Online?

Hi JonpriL,

 

Thank you for your response and yes, I will read that article. Now that you mention it, I do have another question:

 

I connected my biz checking account to QBO. When I tried to create the expense, the screen popped up and said "connect your bank." I thought it was already connected, but I went through the motions anyway. It still is not connected, I'm not sure why. Can you please shed some light on this?

 

Secondly, this whole episode got me thinking: isn't QuickBooks Payments already connected, once I connect my checking (which my checking is), for me to accept CC and ACH payments? Someone keeps mentioning Stripe....why do I need Stripe and what is the purpose of Stripe? If I send an invoice with the Pay Now button to my future client, I thought they could hit the button in the email and pay by cc? or Check? Confused on this. Again, any light you can shed would be great. 

 

Thanks!

LG

 

 

MJoy_D
Moderator

How do I categorize the monthly fee paid to Intuit to run Quickbooks Online?

You're welcome, LG. It's always our pleasure to help!

 

Can you tell me more about where you're receiving this connect your bank prompt? A screenshot will be a great help. You can record, edit, and delete expenses from the + New button. For more information about managing your expenses in QBO, check out this article: Enter and manage expenses in QuickBooks Online.

 

QuickBooks Payments lets you add links to invoices so customers can pay online. They can process their payments with PayPal, Venmo, credit card, or ACH bank transfer. All you have to do is have a QuickBooks Payments account and then connect it to your QBO account. For more information about adding your QuickBooks Payments account and then processing payments for sales receipts and invoices, check out this article: Take and process payments in QuickBooks Online with QuickBooks Payments.

 

For more information about when will QuickBooks put the money in your bank account, see this article about finding out when QuickBooks Payments deposits customer payments

 

Stripe is a third-party app that automates the transfer of Stripe sales activity into QuickBooks. For more information about this app, I suggest reaching out to their Customer Support team. You can get their phone number by going to this reference: Stripe by Commerce Sync

 

I'm always here if you need further help or require additional information about adding expenses, processing payments, and other information about QuickBooks. Let me know by leaving a reply below. Keep safe, and have a wonderful day!

LG32
Level 1

How do I categorize the monthly fee paid to Intuit to run Quickbooks Online?

Thank you, MaryJoy!

 

I tried again today to create an expense, and that screen did not come up, I was able to create one straightaway. Very odd....

 

Have a good one!

LG

ChristieAnn
QuickBooks Team

How do I categorize the monthly fee paid to Intuit to run Quickbooks Online?

Hi there, LG32.


Getting your issue resolved is our main priority here in the Community. We're glad that your concern about creating an expense has been settled.
Please don't hesitate to reach out back to us if you have further concerns with QuickBooks. You're always welcome here. Stay safe!

Sign in for expert help
Ask questions, post replies & join our community of QuickBooks users.

Need to get in touch?

Contact us