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mlemo
December 22, 2023
Question

quickbook online, record a deposit slip + merchants fees

  • December 22, 2023
  • 3 replies
  • 0 views

once i have entered the cost in dm and send to quickbook online, it will be in pay bill. ( usually we just enter a check and save in qb online and its done.)

however, the merchant cut a check to us (since he owed us money ) and also deduct those costs that we owe them, how do i go from there? 

thank you

3 replies

FateCandylaneT
December 22, 2023

I appreciate the information you share about merchant deposits and payment fees in your account, mlemo. Let me provide insights to help you handle these balances to ensure amounts are accurate.

 

You can create bank deposits to record the merchant fees as a negative amount.

 

  1. Go to + New and select Bank Deposit.
  2. Select the Account.
  3. In the Select the payments included in this deposit section, select the customer/invoice it is attached to.
  4. The Add funds to this deposit section are where you need to take the fee off the invoice. Enter the amount for the fee as a negative (-).
  5. Enter Accounts Payable (AP) vendor as a negative amount. And, select Accounts Receivable (AR) customer as a postive amount.
  6. Review all the information. Once done, click Save and close.

 

Then, receive the payment amount and enter pay bills to link the invoices and bills to the deposits created.

 

Moreover, you'll want to review and reconcile your accounts to ensure they match your bank & credit card statements. t also entails insights when modifying or adjusting completed reconciliations.

 

If you have additional questions about managing your accounts, you can always leave a reply in the comments below. We'll get back and provide you with further assistance. Have a good one!

mlemoAuthor
December 26, 2023

hi, can you add a screenshot so i can see it more clearly? thank you. 

Rasa-LilaM
December 27, 2023

It's nice to see you again in the Community, mlemo.

 

Precise tracking of your merchant fees is of utmost importance to maintain the accuracy of your financial records. I'd be delighted to share a screenshot with you, showing how QuickBooks Online (QBO) tracks these fees.

 

I have gathered a compilation of excellent resources that tackle the process of adding late fees to invoices, offering insights on both automated and manual methods:

 

 

Moreover, we've gathered comprehensive instructions in the following links to guide you through recording third-party sales for your online sales channels and setting up your account to track processing fees:

 

Feel free to contact me again if you have any more questions about recording merchant fees or any other product-related concerns. I'm here to assist you and I'll be more than happy to respond to any further inquiries you may have. Have a fantastic day, mlemo

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