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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.
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.
Thank you @Rainflurry , this is super helpful!
Hi @Rainflurry,
Thank you for your input to help the user with their concern. Wishing you a great day ahead!
How should the merchant fees expense account be setup?
account type "income"?
Detail type "discounts/refunds given"?
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