merchant fees are a normal operating expense
the reasoning is that they are optional, the customer could pay in other ways
But if you want to , then use COS
Re: Hi, could you tell me if Merchant Fees should come under Cost of Sales or Expenses? I'm thinking Cost of Sales but unsure?
Many thanks. That makes sense
Welcome to the UK Community for QuickBooks Online.
I can't disagree with Rustler, There is an element here where it's upto you - Both end up on the expense side of your profit and loss, you can also rename them as you would like, giving them the name you'll recognise and recall easiest.
If you come across any problems with this expense account, (Not that you will) - don't hesitate to get in touch ^_^
Re: Hi, could you tell me if Merchant Fees should come under Cost of Sales or Expenses? I'm think...
Many thanks for that JamesC. It's become clearer to me now. I will list it as an expense in my chart of accounts