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Join nowWhat should be the type of account (in the Chart of Accounts) for a processor.
Processor is the company I use to process payments. They settle daily.
Example for processor are Braintree and PayPal.
Hey there, @EBFinancials.
You can set up your processor as a bank account. This way, you can record the payments you receive.
If your processor has an app version, you can check our QuickBooks Apps store. It's where you can check if it is supported and can be integrated with QuickBooks. Doing so will automatically download the transactions from the processor to the program.
Here's how:
You can check out this article to have a better idea about the chart of accounts common tasks: Understand the chart of accounts in QuickBooks.
If you have additional questions, please don't hesitate to comment below. I'm always here to help.
If I set it up as Bank account, will it still fall under the category of Income account?
The daily settlements are net, after various deductions such as Chargebacks, Refunds, Processing Fee and so forth.
Those I can see in the monthly statement that I download off the processor website.
How do I enter those in the books?
Thanks for getting back in the thread @EBFinancials,
Let me share with you my ideas on how you record your transactions using your processor account. Setting up the processor as a bank account is one way of recording all the transactions that happened from the processor. With regards to the income account, this all depends on what transactions you've created with your processor account.
If the processor receives an income, you can create an invoice and receive payment using your processor or sales receipt so it will fall to the income account. If you paid such as fees or any other charges, you can create a write check transaction and use the expense account so it will record what you paid from your processor account.
You can follow these steps on how to write checks in QuickBooks Desktop. Here's how:
To learn more about your bank feeds and also for the bank transactions such as reconciling your bank account, you can visit our QuickBooks Desktop Help Article for the guidance.
Fill me in if you need more help by leaving a comment below. I'll be around in the Community to help. Take care and have a great day!
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