SUMUP-Bank linked to QB.How do I record the Sumup monies in when different to invoice amount due to SumUP fee deducted?

Hi there.

Thank you for reaching out with your question about recording SumUp transactions in QuickBooks Online. When the funds deposited into your bank account from SumUp don’t directly match the invoice amount due to the deduction of processing fees, it's important to record both the full sales amount and the SumUp fee accurately. The reason why processing fees aren't included in your QBO transactions is likely due to their system's way of recording your transactions. The original amount of the invoice might be audited separately from the processing fee.

To handle this, you'll need to manually create a bank deposit transaction to record the processing fee into the appropriate account. Here's how:

1. Click on the + New button.
2. Select Bank Deposit under the Other section.
3. In the Select the payments included in this deposit section, select the invoice you just created.
4. Create a new line item in the Add funds to this deposit section.
5. In the Received From column, you can leave it blank or enter SumUp.
6. In the Account column, select an expense account such as Bank Fees or Merchant Fees. If you don't have one, you might want to create it.
7. In the Amount column, enter the fee as a negative amount (e.g., -$5.00 if the fee is $5.00).
    

   

8. Ensure the Total at the bottom matches the amount that was actually deposited into your bank account.
9. Select the bank account to deposit into.
10. Click Save and Close.

Moreover, you can also learn how to add a deposit to an invoice in QuickBooks Online.

By recording the full sales amount in a sales receipt and detailing the SumUp fee as an expense in the bank deposit, you ensure accurate tracking of both sales and expenses. This method reflects the income received and the fee deducted inline with best accounting practices.

If you have any further questions or need additional assistance, please don’t hesitate to reach out again. We're here to help ensure your accounting records are accurate and up-to-date.