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Jan 11, 2023 1:43 AM UTC
Solved

How do I account for Venmo fees that are netted from the customer payment. Liability or expense? Thanks!

We do not charge the Venmo fee to the customer.
SME Bookkeeper
Jan 11, 2023 5:17 AM UTC

Hello @donna-texas5star 

 

If you do not charge/collect this from your customer then make it as cost of goods sold.

If you collect this from your customer then record it as billable expenses. Later on raise the invoice for the payee with all billable expenses.

 

Further bookkeeping assistance, check my bio

 

Thanks

wsraaz

4 replies

SME Bookkeeper
Jan 11, 2023 5:17 AM UTC

Hello @donna-texas5star 

 

If you do not charge/collect this from your customer then make it as cost of goods sold.

If you collect this from your customer then record it as billable expenses. Later on raise the invoice for the payee with all billable expenses.

 

Further bookkeeping assistance, check my bio

 

Thanks

wsraaz

AlcaeusF
Jan 23, 2023 5:55 PM UTC

Hello again, SME Expert Bookkeeper.

 

I appreciate you for always sharing your knowledge about QuickBooks. This will definitely help other users as well in the future. Please keep on posting here in the Community.

 

Keep safe and have a great rest of the day.

SME Bookkeeper
Jan 23, 2023 5:58 PM UTC

Hello @AlcaeusF ,

Everything is transactional,

Can you please say hi through my bio?

 

Thanks.

Feb 28, 2023 10:17 AM UTC

Liability