If I create an invoice and they pay thru Venmo, we are charged a fee. If we want to cover that fee and put it as an expense, how do we record that against their invoice?
If I create an invoice and they pay thru Venmo, we are charged a fee. If we want to cover that fee and put it as an expense, how do we record that against their invoice?
For example, we're a non-profit basketball booster club. If a player registration is $150, and the Venmo fee is $5.00, we are essentially getting paid $145. If I record as if they paid $145, the invoice still shows they owe $5.00. What's the best way to handle that, and for that $5.00 to show on our "Venmo Fee" expense account?
If I create an invoice and they pay thru Venmo, we are charged a fee. If we want to cover that fee and put it as an expense, how do we record that against their invoice?
Unfortunately, QB Online doesn't make this super easy IMO. The best way to record it is to receive payment on the invoice for the full amount ($150) and select Undeposited Funds under 'Deposit To'. Then, go to New > Bank deposit and select the payment. Under 'Add funds to this deposit', select Venmo under 'Received From' (set them up as a vendor if you haven't), select your Merchant Fees expense account under 'Account' (set that up if you haven't) and enter the fee as a negative amount (-$5.00). Click save. The deposit amount will be net of fees and you have the merchant fees recorded as an expense.
If I create an invoice and they pay thru Venmo, we are charged a fee. If we want to cover that fee and put it as an expense, how do we record that against their invoice?
Unfortunately, QB Online doesn't make this super easy IMO. The best way to record it is to receive payment on the invoice for the full amount ($150) and select Undeposited Funds under 'Deposit To'. Then, go to New > Bank deposit and select the payment. Under 'Add funds to this deposit', select Venmo under 'Received From' (set them up as a vendor if you haven't), select your Merchant Fees expense account under 'Account' (set that up if you haven't) and enter the fee as a negative amount (-$5.00). Click save. The deposit amount will be net of fees and you have the merchant fees recorded as an expense.
If I create an invoice and they pay thru Venmo, we are charged a fee. If we want to cover that fee and put it as an expense, how do we record that against their invoice?
If I create an invoice and they pay thru Venmo, we are charged a fee. If we want to cover that fee and put it as an expense, how do we record that against their invoice?
If I create an invoice and they pay thru Venmo, we are charged a fee. If we want to cover that fee and put it as an expense, how do we record that against their invoice?
How should the merchant fees expense account be setup?
account type "income"?
Detail type "discounts/refunds given"?
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