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Jadallah
Level 2

how we can record merchant’s bank fees and tax amount ?

Dear QBO support 
im not connect my bank to QBO i upload the transaction file CSV 

my bank show the amount for transaction and for fees and for TAX separated
so you can find in bank sheet
Example  
deposit amount  1000 $
and spent Fees     10 $
and the tax              2$ 

 

now the deposit i make rule to ADD to my account and i dnt have issue
and for fees i also make Rule to ADD to my Exp bank i dnt have issue 
my problem with Tax amount i cant transfer to Tax Account 

how i can fixed this thing 
thanks all 

7 Comments 7
Charies_M
Moderator

how we can record merchant’s bank fees and tax amount ?

I've got you covered today, Jadallah.

 

Let me share tips on how you can record bank fees and tax amounts in QuickBooks Online (QBO).

 

Since adding tax from bank transactions is not possible, you can exclude the uploaded transaction and manually add the tax amount when you create an invoice. This way you can record the amount as your sales tax.

 

Here's how to exclude:

 

  1. Go the Banking menu and choose the For Review tab.
  2. Select the transactions you want to exclude.
  3. Click the Batch Actions drop-down arrow and select Exclude Selected.

This will move the transactions to the Excluded tab from the For Review tab.

 

You may find this article handy to learn more about the process of excluding downloaded transactions in QBO.

 

In your invoice, enter add the Sales tax rate. You can either use the rate Based on location or add a Custom Rate.

  1. Go to the +New icon and choose Invoice.
  2. Fill in the necessary information.
  3. On the Sales tax rate drop-down, choose either Based on location or add a Custom Rate.
  4. Click Save and close.

To give you additional information on how sales tax works in QBO, check out the following articles:

In case you'll need to check how much sales tax you owe, we can run the Sales Tax Liability report to help make sure that everything is accurate before you file your return to your tax agency.

 

The Community is always open if you have other questions. I'll be around to help. Take care and have a good one.

Jadallah
Level 2

how we can record merchant’s bank fees and tax amount ?

Dear sir 

thanks for quick respond 
but kindly note that we dont talk about sales tax on invoice 
we talk about Tax for expenses ( bank fees charge ) Purchased Tax not Sales tax 
so the bank take fees for every transaction and we have tax on this fees 

thanks for support 

JonpriL
Moderator

how we can record merchant’s bank fees and tax amount ?

Hello @Jadallah,

 

You have the option to add and post these tax transactions directly into your tax account register. Let me show you how.

  1. Go to Transactions.
  2. Select Banking.
  3. Under For Review, select your tax transaction.
  4. On the Category field, select your tax account.
  5. Click Add.

Additionally, here's an article you can read to learn more about how you can review and categorise your bank transactions: Categorise and match online bank transactions in QuickBooks Online.

 

I've also included this helpful article which you can consider reading for the steps and related tasks you can do with your account register: Find, review, and edit transactions in account registers.

 

You can always leave a comment below or start a new thread if you have any other concerns. Stay safe!

Jadallah
Level 2

how we can record merchant’s bank fees and tax amount ?

Dear Sir 

that exactly what i wan do entire the tax transactions directly into my  tax account register. 

but the system don't accept  this transaction as attached 

BettyJaneB
QuickBooks Team

how we can record merchant’s bank fees and tax amount ?

I appreciate the details and the screenshot that you gave, @Jadallah.

 

QuickBooks Online won't allow you to post a tax transaction on the Accounts Payable account. This is the reason behind the error that you received. To categorize your purchase tax, you'll need to use a cash basis account for this entry. 

 

However, to help you decide on what's the right account to be used upon categorizing this tax, I recommend consulting your accountant. They'll be able to provide the best course of action for your business to ensure your records are accurate. 

 

You can also find an accountant through this link:  Find an Accountant: QuickBooks ProAdvisor.

 

Once you already have the account to be used, you can always scan through this link to guide you in categorizing and reconciling your account: Learn how to review bank and credit card transactions after you download them into QuickBooks Online...

 

Please let me know if there's anything else I can do for you regarding QuickBooks. I'd be happy to assist you. Take care!

Jadallah
Level 2

how we can record merchant’s bank fees and tax amount ?

Dear Sir 

i try to change it to cash base and still have same issue 

FritzF
Moderator

how we can record merchant’s bank fees and tax amount ?

Thanks for getting back to us, @Jadallah.

 

Since the issue persists after following the steps shared by my colleagues above, I highly suggest contacting our Phone Support team. They have tools such as screen-sharing (remote access) that can pull up your account in a secure environment and check the cause of this issue. They can also perform other troubleshooting steps to fix this for you.

 

Here's how to reach them:

 

  1. In QuickBooks Online (QBO), click the Help (question mark) icon at the top right.
  2. Select Contact Us at the bottom to connect with our live support.

 

Please let me know how it goes or if you have any other issues or concerns. I'm more than willing to assist. Have a good one!