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Level 2

Hi. I have billed a customer 3600, and he paid with his credit card. The CC company paid 3521.41 and kept the balance as commission. How do I enter this transaction?

 
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Best answer 2 weeks ago

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Highlighted
QuickBooks Team

Hi. I have billed a customer 3600, and he paid with his credit card. The CC company paid 3521.41 and kept the balance as commission. How do I enter this transaction?

I'm here to help record the customer's payment, girishk1963.

 

You can receive the full payment of the invoice and post it to the Undeposited funds account. Here's how to accomplish this:

 

  1. Click + New, select Receive Payment.
  2. Choose the name of the customer from the drop-down menu.
  3. From the invoice from the Outstanding Transactions section.
  4. Select the payment method.
  5. Enter the Reference no. and Memo if applicable.
  6. Deposit the payment to the Undeposited funds account.
    recordinvoicepayment.PNG
  7. Click Save and close.

Once done, you can record the commission by making a bank deposit. Here's how:

 

  1. Click + New, select Bank Deposit.
  2. From the Account drop-down ▼ menu, choose the account you want to deposit the money into.
  3. Mark the payment you've recorded above
  4. Go to the Add funds to this deposit section and record the commission.
  5. Make sure to select an expense account in the Account drop-down menu to track the commission.
  6. Enter a negative amount.
    recordinvoicepayment1.PNG
  7. Select Save and close.

I've adding this link for more details about the steps above: Record and make bank deposits in QuickBooks Online

 

Stay in touch if you have follow-up questions about recording the payment and commission. I'm always right here to help you.

View solution in original post

Highlighted
QuickBooks Team

Hi. I have billed a customer 3600, and he paid with his credit card. The CC company paid 3521.41 and kept the balance as commission. How do I enter this transaction?

You're always welcome, @girishk1963.

 

I also appreciate you for taking the time to go through the steps shared by my colleague MaryLandT.

 

I’m glad the steps above were able to help resolve your query. However, the only way to record a commission in QuickBooks Online (QBO) is to manually create a bank deposit. I see having the option to have it done automate can benefit you and your business.

 

I’ll take note of this as a feature request on your behalf and pass it along to our product team. This way, they’ll consider adding this in future updates. Nonetheless, I’m unable to provide you a specific date as to when this feature will be available.

 

For now, I recommend checking our QuickBooks Blog page regularly. Here, you’ll stay updated on the current news and updates about QuickBooks.

 

I’ve also collected this resource that you can guide you through the detailed steps in case you need to record a refund to your customer.

 

Please let me know if there’s anything else I can help you with in managing your transactions in QBO. I’d be more than happy to help you out. Have a wonderful day ahead!

View solution in original post

7 Comments
Highlighted
QuickBooks Team

Hi. I have billed a customer 3600, and he paid with his credit card. The CC company paid 3521.41 and kept the balance as commission. How do I enter this transaction?

I'm here to help record the customer's payment, girishk1963.

 

You can receive the full payment of the invoice and post it to the Undeposited funds account. Here's how to accomplish this:

 

  1. Click + New, select Receive Payment.
  2. Choose the name of the customer from the drop-down menu.
  3. From the invoice from the Outstanding Transactions section.
  4. Select the payment method.
  5. Enter the Reference no. and Memo if applicable.
  6. Deposit the payment to the Undeposited funds account.
    recordinvoicepayment.PNG
  7. Click Save and close.

Once done, you can record the commission by making a bank deposit. Here's how:

 

  1. Click + New, select Bank Deposit.
  2. From the Account drop-down ▼ menu, choose the account you want to deposit the money into.
  3. Mark the payment you've recorded above
  4. Go to the Add funds to this deposit section and record the commission.
  5. Make sure to select an expense account in the Account drop-down menu to track the commission.
  6. Enter a negative amount.
    recordinvoicepayment1.PNG
  7. Select Save and close.

I've adding this link for more details about the steps above: Record and make bank deposits in QuickBooks Online

 

Stay in touch if you have follow-up questions about recording the payment and commission. I'm always right here to help you.

View solution in original post

Highlighted
Level 2

Hi. I have billed a customer 3600, and he paid with his credit card. The CC company paid 3521.41 and kept the balance as commission. How do I enter this transaction?

Thanks a lot, that worked well!!! I wish it was not so manual.. Can something be done to automate it? I may have 100s of CC transactions daily.. 

Highlighted
QuickBooks Team

Hi. I have billed a customer 3600, and he paid with his credit card. The CC company paid 3521.41 and kept the balance as commission. How do I enter this transaction?

You're always welcome, @girishk1963.

 

I also appreciate you for taking the time to go through the steps shared by my colleague MaryLandT.

 

I’m glad the steps above were able to help resolve your query. However, the only way to record a commission in QuickBooks Online (QBO) is to manually create a bank deposit. I see having the option to have it done automate can benefit you and your business.

 

I’ll take note of this as a feature request on your behalf and pass it along to our product team. This way, they’ll consider adding this in future updates. Nonetheless, I’m unable to provide you a specific date as to when this feature will be available.

 

For now, I recommend checking our QuickBooks Blog page regularly. Here, you’ll stay updated on the current news and updates about QuickBooks.

 

I’ve also collected this resource that you can guide you through the detailed steps in case you need to record a refund to your customer.

 

Please let me know if there’s anything else I can help you with in managing your transactions in QBO. I’d be more than happy to help you out. Have a wonderful day ahead!

View solution in original post

Highlighted
Level 2

Hi. I have billed a customer 3600, and he paid with his credit card. The CC company paid 3521.41 and kept the balance as commission. How do I enter this transaction?

Thanks for taking my feedback. 

To make things simple for automation, you can consider the Merchant Service provider as just another bank or financial institution and take a direct feed from them. The downloaded data can then be categorized accordingly and also "Matched" against appropriate invoice.

For e.g., my Merchant service provider is ICICI Merchant Services, which is part of ICICI Bank, you already give me feeds from ICICI Bank, so arranging for a feed from them should be just extending your existing arrangements. Please see if that can be done. Thanks a lot for your support.

Highlighted
QuickBooks Team

Hi. I have billed a customer 3600, and he paid with his credit card. The CC company paid 3521.41 and kept the balance as commission. How do I enter this transaction?

Hi there, girishk1963.

 

You can still match the transaction from your Merchant Service provider to the one recorded in QuickBooks Online. All we have to do is follow the steps shared by MaryLandT. Once you download the transactions, you can match them to the Bank Deposit you created.

 

These steps will ensure that we properly categorized the fees collected by your payment gateway provider. You can check this link for more details: Categorise and match online bank transactions in QuickBooks Online.

 

We'll announce and post all our new features and innovations to our QuickBooks Blog

 

Post again here if you have more questions. I'll be here!

Highlighted
Level 2

Hi. I have billed a customer 3600, and he paid with his credit card. The CC company paid 3521.41 and kept the balance as commission. How do I enter this transaction?

Not sure if I understand. How do I download ICICI Merchant Service data for my Merchant ID?  I don't think Quickbooks has a way to attach to my merchant services account for automatic download of data.

Highlighted
QuickBooks Team

Hi. I have billed a customer 3600, and he paid with his credit card. The CC company paid 3521.41 and kept the balance as commission. How do I enter this transaction?

Hi there, girishk1963.

 

Thank you for coming back here to QuickBooks Community to share your concerns.

 

Currently, there's no option to download your ICICI Merchant Service data or to attach your merchant services account for the automatic download of data in QuickBooks. QuickBooks can only integrate the Razorpay account connect it to your QuickBooks company file. This is a leading Indian electronic payments processor that lets you receive online payments on your invoices. For additional information, you can click this article: Payment enabled invoices—Razorpay.

 

However, QuickBooks can integrate with hundreds of apps. With this, you can go to the App center inside QuickBooks. Then look for a compatible app that can help you connect your merchant services account to automatically download your ICICI Merchant Service data in the QuickBooks system.

 

Here's how:

 

  1. Click Apps in the left navigation menu.
  2. Click the Browse Category drop-down menu, select Sync Data.
  3. Select the app you want to integrate.
  4. Click Get App Now and complete the following on-screen instructions.

 

If you don't see a specific app in QuickBooks Online, I'd suggest looking for other 3rd-party software that's supported.

 

I'd also recommend visiting our Online Blog so you'll be updated with the features and enhancements that our developers are currently working on.

 

If you have any other questions or would like me to clarify anything else about your account, let me know. I'm always glad to help in any way I can. ​Have a good day.