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eatskb
Nov 16, 2020 8:04 PM UTC
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Can payment processing fees from payment platforms be totalled and recorded as a monthly expense or do they have to be attributed to individual sales?

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payment after leavingAnswer
Nov 17, 2020 9:33 AM UTC

Hi eatskb We recommend that you account for the fees by allocating the sales receipts to the undeposited funds account, not your bank account. You can then create bank deposit, and select all the transactions and in the account column of the 'add funds to this deposit' section enter the fee account and the amount of the fees relating to the transactions selected as a negative, this will then show you the net amount received for those transactions. We recommend that you do this separately for both Stripe and Paypal. 

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4 replies

SarahannC
Nov 16, 2020 9:55 PM UTC

Hello there, eatskb. Nice to hear from you.

 

Payments processing fees from QuickBooks payments are not set up for monthly fees. And yes, you're correct that it's only assigned to individual sales you created. You may want to check these articles for additional information about payments:

 

 

Let me know if you have other questions. I'll be around to help. Take care and stay safe always.

eatskbAuthor
Nov 17, 2020 9:12 AM UTC

Thank you for your response. I don't think I phrased my question correctly so I shall provide a little more detail.

My webshop is linked to Quickbooks. I accept payments through Stripe and Paypal. When the sales receipts are automatically generated, the payment processing fees charged by Stripe or Paypal are not included. Do I have to then go back and apply the fees to each individual transaction or can I total the fees for the month and put them through as one "bank charge" expense?

Thank you for your help!

payment after leavingAnswer
Nov 17, 2020 9:33 AM UTC

Hi eatskb We recommend that you account for the fees by allocating the sales receipts to the undeposited funds account, not your bank account. You can then create bank deposit, and select all the transactions and in the account column of the 'add funds to this deposit' section enter the fee account and the amount of the fees relating to the transactions selected as a negative, this will then show you the net amount received for those transactions. We recommend that you do this separately for both Stripe and Paypal. 

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