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Jenny04
Level 3

I receive ACH's remits for the sales less fees. I set up recurring sales receipt putting fees under an income account of expenses with negative amounts. Thoughts?

Wondering if anyone has done this or has a different way to accomplish this.
7 Comments 7
Bryan_M
QuickBooks Team

I receive ACH's remits for the sales less fees. I set up recurring sales receipt putting fees under an income account of expenses with negative amounts. Thoughts?

Thanks for posting here, @Jenny04.

 

Let me share info on ACH payments and direct you to the best help for advice.

 

In QuickBooks, if you utilize ACH payments, we usually use expense accounts for fees. Moreover, I recommend contacting your accountant to gain insights into ways to accomplish your goal and assign fees to the exact account.

 

If you want to learn about the most common questions with QuickBooks Payments, you can read this article: QuickBooks Payments FAQ.

 

For additional questions about how ACH works on QuickBooks, leave a comment below. I'll be willing to lend a hand. Have a good day.

Jenny04
Level 3

I receive ACH's remits for the sales less fees. I set up recurring sales receipt putting fees under an income account of expenses with negative amounts. Thoughts?

Thanks for the reply.  If you look at my post, I am using the expense accounts.  I created a reoccuring sales receipt by putting the expenses (Ad, transaction, marketing etc.) under expense accounts and sales under income accounts.  I am entered the expenses as negative on the sales receipt under products/services with the matching expense account under the income account section and the sales under products/services as positive under the matching income account section. 

Jenny04
Level 3

I receive ACH's remits for the sales less fees. I set up recurring sales receipt putting fees under an income account of expenses with negative amounts. Thoughts?

Basically, I am putting the gross sales, less refunds, fees (advertising, marketing, software, transaction etc fees) to equal net ACH (net sales receipt).  Has anyone ever done this?  I am trying to make life easier with less journal entries.  Thinking outside the box.    

JanbonN
QuickBooks Team

I receive ACH's remits for the sales less fees. I set up recurring sales receipt putting fees under an income account of expenses with negative amounts. Thoughts?

We appreciate the additional information you've shared, @Jenny04.

 

The process you've done is correct, that's how you typically record ACH fees in QuickBooks. As mentioned by my colleague above, referring to your accountant helps in providing suggestions.

 

Additionally, it's a good practice to reconcile your accounts monthly to ensure they correspond to your bank statements. Doing so guarantees that they are balanced and accurate.

 

Return to this thread if you need further assistance with your ACH fees. We'll be here to help you in any way we can.

Jenny04
Level 3

I receive ACH's remits for the sales less fees. I set up recurring sales receipt putting fees under an income account of expenses with negative amounts. Thoughts?

I have all the expense accounts set up.  I am just trying to put everything in a sales receipt template as the remits are done almost daily and I wanted to make a template to make it easier.  Then the sales receipt goes to the correct expense and income accounts right when it is entered.  I will match the deposit to the sales receipt as they will equal.  

Jenny04
Level 3

I receive ACH's remits for the sales less fees. I set up recurring sales receipt putting fees under an income account of expenses with negative amounts. Thoughts?

And, yes, I reconcile the accounts at month end.

 

RogelioL
QuickBooks Team

I receive ACH's remits for the sales less fees. I set up recurring sales receipt putting fees under an income account of expenses with negative amounts. Thoughts?

Your approach in consolidating gross sales, refunds, and various fees on sales receipts to calculate ACH is unconventional but can simplify data entry, Jenny04. 

 

It’s essential to monitor the impact of your unique and tailored solution on financial reporting accuracy and compliance with accounting standards.

 

Furthermore, we cannot automatically process sales receipts that include bank fees in QuickBooks yet. The best approach is to follow what my previous colleague has provided

 

Moreover, you can check out this article to get the financial snapshot of your company as of a specific date: Run a Balance Sheet report in QuickBooks Online.

 

If you encounter any challenges or need further advice, consider consulting your accountant, or feel free to reach us again. The community is always here to help. Keep safe. 

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