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sbags00
January 4, 2022
Question

Paypal fees included in sales receipt

  • January 4, 2022
  • 1 reply
  • 0 views

I entered payments as sales receipts and also included the paypal fee as a separate item list (which is a listed as a discount) and deposited to the checking account instead of depositing to undeposited funds and entering the fee the correct way. I did this for the entire year and reconciled.  I know what to do going forward but what is the best way to correct so the financials are accurate?

1 reply

MariaSoledadG
MariaSoledadG
January 4, 2022

Let me guide you on the best way for your finances to be accurate, sbags00.

 

QuickBooks application handles bank fees in the same location as the checks that you record in the register. You can enter the amount as a Sales receipt then deposit them to Undeposited Funds. From there, you'll be able to add or deduct the Paypal fees. This way, you'll be able to reconcile your books in an easy and correct way. I've added this screenshot for your visual guide:

 

However, I still recommend reaching out to your accountant for other ways on how to record the fees. In addition, you can download transactions and match them depending on the three (3) categories. Learn from this article for your guide: Add And Match Bank Feed Transactions In QuickBooks Desktop.

 

Fill me in if you have any questions about entering payments and fees. I'll always be here to help you all the time

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