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Jenny04
February 16, 2024
Question

I receive ACH's remits for the sales less fees. I set up recurring sales receipt putting fees under an income account of expenses with negative amounts. Thoughts?

  • February 16, 2024
  • 1 reply
  • 0 views
Wondering if anyone has done this or has a different way to accomplish this.

1 reply

Bryan_M
Bryan_M
February 16, 2024

Thanks for posting here, @Jenny04.

 

Let me share info on ACH payments and direct you to the best help for advice.

 

In QuickBooks, if you utilize ACH payments, we usually use expense accounts for fees. Moreover, I recommend contacting your accountant to gain insights into ways to accomplish your goal and assign fees to the exact account.

 

If you want to learn about the most common questions with QuickBooks Payments, you can read this article: QuickBooks Payments FAQ.

 

For additional questions about how ACH works on QuickBooks, leave a comment below. I'll be willing to lend a hand. Have a good day.

J
Jenny04Author
February 16, 2024

Thanks for the reply.  If you look at my post, I am using the expense accounts.  I created a reoccuring sales receipt by putting the expenses (Ad, transaction, marketing etc.) under expense accounts and sales under income accounts.  I am entered the expenses as negative on the sales receipt under products/services with the matching expense account under the income account section and the sales under products/services as positive under the matching income account section. 

J
Jenny04Author
February 16, 2024

Basically, I am putting the gross sales, less refunds, fees (advertising, marketing, software, transaction etc fees) to equal net ACH (net sales receipt).  Has anyone ever done this?  I am trying to make life easier with less journal entries.  Thinking outside the box.    

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