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KeeganE
KeeganE
February 22, 2023
Question

QB Payments deposited in bank account net of fees

  • February 22, 2023
  • 1 reply
  • 0 views

99.9% of the time, when my customers pay an invoice using QB Payments, the full transaction amount is deposited into my bank account then Intuit charges me the fee as an ACH withdrawal out of my account.

 

For example, customer is sent invoice for $50, customer pays with credit card.  $50 is deposited into my account then Intuit debits my bank account for the processing fee of $1.70

 

 

For some reason, I have 2 transactions where the deposit into my account is net of fees.  Exact same use case, exact same workflow but the deposit is net of processing fees.

 

 

How do I account for the fees when the invoice is for $84, Payment was recorded for $84, but deposit is off by the $2.69 fee so the bank feed doesn't match up? 

1 reply

JenoP
JenoP
February 22, 2023

Hi there, KeeganE. 

 

You can edit the invoice and add a service fee item. Then, enter $2.69 as a negative amount so the downloaded payment and invoice amount will be the same. I'd be glad to share all the steps with you.

 

First, create a service fee item and post it in your expense account. Here's how:

 

  1. Go to Gear or Settings ⚙ icon and select Products and services.
  2. Click New, then select Service.
  3. Proceed to the Name field and enter a name for the service .
  4. From the Category ▼ dropdown, select the category that best describes the fee. 
  5. Fill out the rest of the fields and click Save and close.

 

Second, open the invoice and add the item in the second line. Here's how:

 

  1. Go to Get paid & pay or Sales, then select Invoices.​
  2. Select the invoice you want to add a service fee to.
  3. Click Edit invoice.
  4. Proceed to the Product or service column and select the service fee you created.
  5. Enter $2.69 as a negative amount and check if the invoice total amount is already $81.31.
  6. Click Save.

 

Here's an article about this process for more details: Manually Add Service Fees to Invoices in QuickBooks Online.

 

Once done, you can match the downloaded transactions and the invoice since they already have the same amount.

 

The Community is always here if you need anything else. 

    KeeganE
    KeeganEAuthor
    February 22, 2023

    Thanks @JenoP. Quick follow up question - because the customer paid via credit card using QB Payments, QB recognizes the payment as having been $84 so wouldn't it show a customer credit for the fee amount of $2.69?

     

    Because they actually paid $84 not $81.31?

    S
    SirielJeaB
    February 22, 2023

    @KeeganE, it's great to have you back in the Community thread. I'd be delighted to share further information about your customer's payments.

     

    It is important to monitor your payments with QuickBooks Online. In your case, there won't be a customer credit because the cost would be deducted from your bank account. You were responsible for the fee since you accepted the customer's full payment via one of your payment options.

     

    You may want to read the following articles to determine if there is a processing fee in your payment transactions and when QuickBooks Payments will transfer payments into your bank account:

     

     

    You're always free to reach out to us again if you have further questions about payment processing or any QuickBooks-related concerns. We're willing to help you at any time. Take care!

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