When entering payments from merchants like Square or Stripe, and you have over 50+ small deposits to your main bank account from said merchants, but the fees are taken by them BEFORE the deposit, how would you include the fees in your gross so it matches up with the 1099-K? The money taken for the fees never saw my account! Do I just add them up and create a COGS account for them , then place them there from the virtual space they lived in the merchant online with a journal entry?? Ugg!
There is an IT issue with e-filing 1099s with QB. As of today it is not corrected so unless it is fixed by tomorrow the filing will be late .
Hi Denise,
Thanks for sharing that with us.
Let us know how it went, did you get it filed on time?
- Samantha, Team Candus
When entering payments from merchants like Square or Stripe, and you have over 50+ small deposits to your main bank account from said merchants, but the fees are taken by them BEFORE the deposit, how would you include the fees in your gross so it matches up with the 1099-K? The money taken for the fees never saw my account! Do I just add them up and create a COGS account for them , then place them there from the virtual space they lived in the merchant online with a journal entry?? Ugg!