QuickBooks Tip: How to Record Fees from Credit Cards, PayPal, Merchant Services etc.

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You receive payment from your customer but then fees are taken out before it is posted to your account. How do you enter it in QuickBooks? When you have credit card or  merchant  service fees, PayPal fees, Intuit Payment Network fees, Square, etc. taken out of each transaction, this quick video shows you how to enter it into QuickBooks.

Comments

Joe Terry says:

Expeditetools com got me over $30,000 through hacked transfer they did for me .I am so grateful.

GC Landscape says:

Excellent! Thank you

Dustin Lackershire says:

I setup square as a vendor and even though I select square as the name in the first column, it doesn't show up when I go into vendors. Any idea how I could link this so when I do the deposit, it shows up as a transaction under the vendor square?

Elise P says:

Brilliant!!! I had to subscribe!! Are these fees tax deductible? Thanks for a straight to the point video.

AztlanDreams says:

Leaving another comment on my other account in order to subscribe to your channel. Thank you again Michelle. I linked to here from a Quickbooks Q&A forum. Thanks!

Elizabeth Z. Hernandez says:

This was great. Exactly what I was wanting to make sure I was doing right. Thank you very much.

Simply Shannon says:

I have been looking for MONTHS on how to do this. I am new to the QB world, self taught, and I have had my ledger all sorts of messed up bc I didn't know exactly how to enter this! I work for a chamber of commerce and we now accept credit cards and I have been so lost on how to enter the fee's for the credit card! THANK YOU SO MUCH! I am so glad I found you and this video!!!

PianoSongDownload says:

You saved me a bunch of time trying to figure this out. Thanks!

Cyndi Williams says:

Thank you for providing a far simpler way to complete this transaction than others had explained. Subscribing.

sara khan says:

I enter Sales receipt for a Furniture Store and those are online transactions which goes directly to my Shopify Account but Shopify Charge Credit Card fees so My bank account deposit is subtracting those fees how do i enter Should i enter fees into Directly Sales receipt ? becuase i am not recording Seperatly Deposit So all those Each Transactions are adding but y issue is CC fees?? Please help

James Valle says:

That was so helpful thank you!!

Steven Muscari says:

Thank you!!!!!

Mary Zook says:

Thank you for the information. I have been entering the deposits the way you explain, but when I print a P&L at the end of the month, the merchant fee charge has a negative balance and it throws off my total expense amount. Is there a way to fix that?

Rula Skeif says:

Michelle, your videos are very clear and helpful. thank you
However, the fees that i have are a little different as they go the other way around.
I charge my clients a convenience fee to cover my transaction/merchant cost. I charge that at the time of transaction. so if the invoice is $1,000 i charge $1,032 . How do i record that fee? it's not an income (because i'll be paying it back, but it's not really an expense.

Sierra Nets says:

Great video Michelle, thank you, this helped me immensely!

Cindy O'Neil says:

thank you so much for sharing this info. I was having a hard time figuring out how to do this without messing up my books.

Kurt Lang says:

Thank you!!! You can't believe how hard it was to find this information. QuickBooks would only attempt to link you to their own credit card services. All information on their forums were either wrong, or so poorly stated you couldn't figure out how to process credit card fees. Your instructions helped me to figure it out in just minutes.

Kent Harris says:

Thank you for making it so easy. I collect rent every month through a company called clearnow.com and they take a monthly merchant fee for collecting the rent. Before I was writing a check every month and marking the check number "Debit" and my CPA said that was not the way to do it. Now I am using your method and putting the merchant fee directly into the deposit. For once I was able to Reconcile the Bank account and it tied exactly. Thank you again for making this video!

Monica Cuello says:

I have set up a PayPal acct as a bank….I am having an issue with Canadian exchange….should I alter the bill so that I can deposit it as it was in the deposit or should a create another chart of accts to show the deduction or loss? Or should I just add it in with the PayPal fees?

Jeff Gray says:

I tried forever to use Quickbooks online to find this answer, thank you Michelle!

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