QuickBooks Online: Recording a Deposit minus Merchant fee
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- čas přidán 8. 08. 2021
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quickbooks customer service and community was absolutely zero help, You just answered my question and perfectly explained exactly how to do what I need to do in 3 minutes, after 45 minutes of my own research coming up empty. THANK YOU!!!!
Short, clear and to the point... perfect for us busy folks trying to juggle it all. Had to say thank you!
:)
Thank you so much! I called QB support about this exact issue and they had no idea how to clear out the invoice if the payment did not exactly match. Your video solved my matching/invoice issue!
You just saved my day with this video! Not the first time you've solved a problem I've had. Love how clear your instructions are.
Happy to hear that!!
Thank You! This is by far the best and easiest way this has been explained that I have found.
Great!
Thank you, Hector!! I appreciate your videos so much!!!
Wow, I watched 5-10 CZcams videos on merchant fees before stumbling across this one. None were as clear and concise as yours. Liked video and subscribed to your channel. Thank you so much!
Thank you for subscribing and liking the videos, also share! Thanks
You are the best Hector. Thanks for another great solution. It still working after two years.
Yeah, it hasn’t changed
Exactly what I'm looking for! Thank you so much Hector!
:)
Thank you! This is the answer I've been looking for
Great
Hector, where do I give you a hug? I've been searching for this for a while now. :D Thank you!
Awesome
THANK YOU SO MUCH!!!!! YOU ARE SO HELPFUL
:)
Thank you so much! This solved a big issue I was having!!!
Great
Very clear instructions. Thank you for making this video!
:)
Thank you for sharing this info
Exactly what I was trying to figure out. Had a wire transfer fee that was taken out of an invoice payment.
Yeap
If you ever need a new accountant let me know. I specialize in CZcamsrs
You are my Quickbooks god!! Thank you!
Im fine with “guru”
Not “GOD”
Thank you so much ❤
You're welcome 😊
Question: In the case of an invoice the recording of the income is perfectly fine however resolving the difference implies creating an expense which will directly affect your bank account with an expense. When reconciling wouldn't this create a discrepancy since that money does not appear in the list of expenses for that month, (in reality the money never touched the bank account)?
You are a life saver
:)
Hi, I have a question. I did purchase GPS traker for my trucks. What GL should I use in QB thank you.
bless you!!!!
:)
Hi Hector! Thank you for all the info. Does this workflow also applies to foreign bank accounts? Thanks for answering.
Dont know
Great for manual work, but you can't memorize/automate using either of these methods because 1) You can't apply a negative remainder to memorized transaction. QBO just doesn't allow it for whatever reason. And 2) on an invoice, QBO expects the reduced amount and you have to manually "resolve" it and you can't memorize/automate that. This is a big problem for the many, many businesses that have recurring, identical transactions that could be completely automated if QB's allowed for a negative number as the remainder on a memorized transaction.
Its a big opportunity
Hi Hector, thank you for all this info. What should i do if the merchant fee is a percentage ? And can i do this with multiple entries ? Im using quickbooks desktop
Yes, same question - I don't see a way how to resolve the difference and assign different fees to different clients when the deposit consist of multiple different client payments on the same day.
We need help. I love this video but it does not fix our issue. We have overdue amounts that are actually bank fees. When we transferred from desk top to online the fees did not transfer correctly. now we have many overdue bank fees that show up as the company still owing us money. Any ideas how we can fix this?
This is really helpful! In my case I am receiving a partial payment with fees taken out. How do I apply that to the open invoice?
Receive the full Payment for the invoice into undeposited funds, and then use the technique from the video to reduce the fee
Thank you! My instinct was right. I was doing them exactly like that. I keep seeing others create a manual deposit and match that to the invoice or sales receipt and add the fee there and then match the manual deposit to the bank feed deposit and I’m like what is the benefit of the bank feed if you are just going to manually enter??
Well… these are special transactions.. the benefit is on the other ones
Hi Hector. learning a lot from you!
does this process to match with merchant fee also applies for paypal payment for shopify orders? thanks for answering
No… there is a clearing account process that you need to follow it’s probably easier for larger volume .. HOWEVER, if the volume is low, then is ok to use this process
@@HectorGarciaCPA thank you! will take it from you. :)
Hi, I'm having a blonde monment. I use sage, but I can't find anything to help me. If my client paid the invoice in full $700 which is what the invoice was, but I only receive $696.60 because VENMO took $13.40 in fees, how do I do a general journal to account that my cient paid in full but the fees were taken so only $696.60 was received, I know this but I'm drawing a blank!
Do I just receipt the invoice in full and the dr bank charges a/c and cr the bank account for the difference?
You can adjust A/R against CREDIT that invoice for the difference, and use “merchant fees” as the debit
Hello Mr. Garcia, Why did you not use the same split method in the 2nd example? They both had been short paid and both needed an extra negative line, what is the difference?
I dont think adding a negative line in an invoice is advisable
@@HectorGarciaCPA So, the 1st example was not an invoice? was it a payment and i missed it?
What if I already added the deposit in sales? I need to make a journal entry to fix it.
Or adjust the deposit
how about if payment is received from stripe in foreign currency. invoice in cad $ while home currency is usd (us) less mercahnt fee?
Its a tricky one for sure :)
@HectorGarciaCPA yes it was...the invoice was in cad $, and they paid it in usd account. I have amended the exchange rate in bank deposit to match with the payment received in the bank feeds less srtipe fees, but if I click find match, it was not in the foreign currency tab. How to fix this
Hi! If I'm only selling online, through a merchant account, wich merges all the payments I receive and the merchant fees as well daily,
how do i account for the merchant fees? I can do the split, but what about the method with the invoice and the resolving? I mean, there is normally no actual invoice being made because of the transaction from my merchant account, it is only a transfer, or not? Should i just create an invoice as my merchant account as a customer regardless?
Would need to look at your file to see what issue you are having. This video still works today, is 100% relevant, so if you missed a step somewhere..
@@HectorGarciaCPA Thank you for your answer! I think i figured out what was the problem. Great video btw!
What if it's a merchant fee that was paid by the customer and the Client is discounting his invoiced amount by the amount of the merchant fee?
Make an adjustment to the invoice to match
How do I record bank fee for vendor payment
As “Bank Service Charges” or “Bank Fee Expense”
@@HectorGarciaCPA How would I apply the same method but to paying vendors? Lets say bill is $1000, $45 is bank fee. So vendor will only receive $955.
I use a CRM that processes payments through Square. Syncing with Square just duplicates the deposits my bank feed is already showing. This is the only way I’ve found to account for merchant fees. Wish there was an automation or an easier way?
@hector, I really appreciate all of your quality content!
I wouldn’t recommend syncing square, its not designed to work with bank feeds combined
System-recorded fee for QuickBooks Payments. Fee-name: DiscountRateFee, fee-type: Daily.
Is there anything i can do about these fees?
Delete them if they seem duplicates