When there is a merchant fee for money received, such as a credit card fee, it can be tricky to properly enter the transaction in Quickbooks so that it matches the bank and also that it shows the customer as having paid the amount.

If you’re not going to invoice:

 

  • Click on the + at the top center of the screen and then click on Bank Deposit
  • Select the account that the money has gone to and the date
  • In the Add New Deposits Section enter the following:
  • Received From: The customer who has paid you
  • Account: (Pick an income account)
  • Amount: Total amount of that they paid (before the fee)
  • On a second Add New Depsoits line, enter the following:
  • Received From: The company who has charged you a fee
  • Account: Merchant Fees (expense)
  • Amount: Amount of the fee (as a negative number)
  • Save and Close
  • Now you should see a one line transaction in your checking account matching your downloaded transaction!

 

If you’ve invoiced:

  1. Login to Quickbooks Online
  2. Click on the + at the top center of the screen and then click on Receive Payment
  3. Choose the customer who has paid you and the date
  4. Set Deposit to as Undeposited Funds
  5. Enter the amount the client paid before the any fees, make sure the correct invoice(s) are checkmarked and then Save and Close
  6. Click on the + at the top center of the screen and then click on Bank Deposit
  7. Select the account that the money has gone to and the date
  8. Check mark the deposit you just made in the upper portion of the screen.
  9. In the Add New Deposits Section enter the following:
  10. Received From: The company who has charged you a fee
  11. Account: Merchant Fees (expense)
  12. Amount: Amount of the fee (as a negative number)
  13. Save and Close
  14. Now you should see a one line transaction in your checking account matching your downloaded transaction!