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Kari_M
April 5, 2020
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Matching Sales Receipts where Fees have been Deducted

  • April 5, 2020
  • 2 replies
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Hi, Hoping for some advice on the best (and easiest) way to match sales receipts to bank deposits where fees have been deducted.

For example - one direct deposit from GoCardless may contain a single or multiple transactions from customers.  I want the sales receipt to reflect the full amount ($35) and deduct the fee ($0.35) to reflect the deposit of $34.65.  This works OK if there are multiple transactions that are higher in value than the lowest amount of the sales receipt.  If there is only one payment of $34.65, the sales receipt of $35 will not show on the list to match.  Is there a way to edit the sales receipt by adding a line and allocating the fee to an expense code rather than a product/service?

Or is there a better way than what I am doing?

For reference - Generally I bulk update using a third party app into sales receipts/undeposited funds.  If there is only a few transactions I will enter manually.

Thanks, Kari

    Best answer by Rose-A

    I'm here to help you add your fees so you can match your sales receipts in QuickBooks Online, Kari_M.

     

    You can manually record the fees in QuickBooks Online by editing the sales receipt transaction, add another line item for the fees, and enter fees in a negative amount.

     

     

    Or, you'll need to create a deposit transaction and record the fees in a negative amount.

     

    Here's how:

     

    1. Click the Plus icon (+) at the top.
    2. Under Others, click Bank Deposits.
    3. Select the payment.
    4. In the Add funds to this deposit field, choose an account.
    5. Enter a negative amount, under Amount.
    6. Click Save and close.

    With these steps, you'll be able to match your sales receipts in QuickBooks Online. I'm including some articles to know more about depositing and categorising your transactions in QuickBooks:

     

    Let me know if there's anything else you need with matching your sales receipts in QuickBooks, I'll be around to help. Have a good one.

    2 replies

    Rose-A
    Rose-AAnswer
    April 5, 2020

    I'm here to help you add your fees so you can match your sales receipts in QuickBooks Online, Kari_M.

     

    You can manually record the fees in QuickBooks Online by editing the sales receipt transaction, add another line item for the fees, and enter fees in a negative amount.

     

     

    Or, you'll need to create a deposit transaction and record the fees in a negative amount.

     

    Here's how:

     

    1. Click the Plus icon (+) at the top.
    2. Under Others, click Bank Deposits.
    3. Select the payment.
    4. In the Add funds to this deposit field, choose an account.
    5. Enter a negative amount, under Amount.
    6. Click Save and close.

    With these steps, you'll be able to match your sales receipts in QuickBooks Online. I'm including some articles to know more about depositing and categorising your transactions in QuickBooks:

     

    Let me know if there's anything else you need with matching your sales receipts in QuickBooks, I'll be around to help. Have a good one.

      D
      Dcshel
      August 11, 2020

      When I tried your example above of adding a negative amount n QB online it produces this error 

      Something's not quite right
      You must specify a transaction amount that is 0 or greater.
       
      M
      MirriamM
      August 11, 2020

      Welcome to the thread, @Dcshel. I appreciate you doing the steps provided above. 

       

      If you're editing the sales receipt to add another line item for the fees, ensure that fee is lower than the other positive line item. 

       

      Doing so will allow you to make the changes. 

       

      To get the most out of QuickBooks for your business, check some articles that are designed to help you get acclimated to the software. They can be accessed at the following link: QuickBooks Tutorials.

       

      Know that I'm always here to help if you have other concerns. Just leave a comment below. Have a great day!

       

       

       

      **Say "Thanks" by clicking the thumb icon in a post.
      **Mark the post that answers your question by clicking on "Accept as solution".

      I
      IntuitSheila
      January 19, 2023

      Hi mike82sf,

       

      Thanks for joining the thread.

       

      You can use the Resolve difference option when matching the bank feeds in QuickBooks Online.  Here's how:

       

      1. Click on the Transactions tab, select Banking.
      2. Locate and select the relevant transaction on the For Review tab.
      3. Select Find Match.
      4. In the Match transactions window, select the checkbox of the appropriate invoice.
      5. Select on Resolve Difference to open the Add resolving transactions fields.
      6. Select Add new transaction.
      7. From the drop-down list in the Category field, select the Bank fees expense account.
      8. Enter the Amount of the fee.
      9. Select Save and close.

      If you're still unable to balance the transaction, I'd recommend contacting directly our Customer Support Team. That way, we can further check the transaction you have recorded in QuickBooks with the downloaded bank feeds.

       

      Feel free to reply if you have more questions about QuickBooks Online!

       

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