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dcuff
October 19, 2018
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How should I apply a payment to an invoice when the fees are deducted prior to the bank deposit (Braintree deposits are less than the invoice because the 2.9% fee)

  • October 19, 2018
  • 3 replies
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When receiving Braintree deposits, the fees are already removed from my customer payments. So when applying the payment the amount is less than the invoice. What is the best way to apply these Braintree payments to my invoices?

    Best answer by Raywhite28
    On the receive payment screen, enter the full amount of the invoice so the invoice can be paid. On the make a deposit screen, check off the customer payment being deposited, then on the next line enter the credit card discount as a negative number. This will match what Braintree is depositing.

    3 replies

    Raywhite28
    Raywhite28Answer
    October 19, 2018
    On the receive payment screen, enter the full amount of the invoice so the invoice can be paid. On the make a deposit screen, check off the customer payment being deposited, then on the next line enter the credit card discount as a negative number. This will match what Braintree is depositing.
      A
      arkvalleyinfo
      October 19, 2018
      The only downside I see to this is that you can't run an expense report for the vendor to see how much you paid in credit card fees for some reason.  I guess if I go into my P&L report I can click on the sub ledger and get a detail there, but it seems like a workaround for a basic thing that lots of people struggle with.
      J
      JohnMK
      April 22, 2020

      How To Receive An Invoice When You Were Paid Less Than The Amount

      1. In your Invoice >> click Receive payment >> enter the amount of $500, but make sure that before your hit SAVE, choose UNDEPOSITED FUNDS for the Deposit to drop down arrow.
      2. Save that screen as a received payment.
      3. That will return you to the main screen, Now, click +NEW icon >> click Bank Deposit >> choose the correct Bank where the money will be deposited >> and then click the Payment of $500. Then, click the ADD FUNDS option below, choose ANY expense Account for the ACCOUNT and enter the amount of -$50, and SAVE.

      This took 2.5 hours to verify with some idiot at QuickBooks Help Desk so value it.

        A
        APalozzi
        February 11, 2021

        This seems like the right way for me but when I do it this way I get a negative number and it wont let me proceed. customer payment $198.69 + (Previous months merchant fees) $-425.04 = $-226.35. 

        "You must specify a transaction amount that is 0 or greater." is the message I receive. 

        JoesemM
        JoesemM
        February 12, 2021

        Hello there, @APalozzi.

         

        You can create a Check to the specific amount then add a line item for the negative amount. In this way, you can match the transactions to the bank feeds and fix the error message. Let me show you how.

         

        1. Click the + New button.
        2. Select Check.
        3. Choose the Payee from the drop-down list.
        4. Enter the necessary details to match the transaction.
        5. Example: make the payment as the negative amount, then the fee as a positive amount.
        6. Select Save and close or Save and new.

        Once done, you can now match your transactions. Just follow the steps shared by my colleague on how to much them. 

         

        I’m adding an article that can help in your future tasks. It contains resources to get you on the right track handling bank feeds and other banking activities: Self-help articles.

         

        You're always welcome to comment below if you have any other concerns. I'm just around to help. Take care always.

         

        Z
        ZelayaCompanies
        June 1, 2021

        Hey!

         

        Here is what worked for me.

        On the banking tab, download your bank transactions to quickbooks.

        In there, you'll find the correct deposit amount (For example, $3540.00).

        Click on it and then click on "Find match".

        When you do that, you'll be shown a new screen with payments you have received within a certain period of time. Find the payment and select it.

        Quickbook will tell you that you can't match it, because the amount doesn't match.

        All the way to the bottom, there's a little switch that says "Resolve", once you click on that, a new line will pop-up at the bottom and you can add the merchant fee in there -- make sure you put it as a negative amount.

          N
          natandbk1
          September 26, 2022

          ZelayaCompanies,

           

          You just saved me!  I've been searching for how to do just this for a very long time!  CPA couldn't help.  

          One small adjustment to your recommendation:  I had to manually adjust the amount received to INCLUDE the credit card/paypal fees to then DEDUCT them as a negative charge as an expense.  Worked!  Thank you!

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