How to handle Merchant Fee in QuickBooks
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- čas přidán 12. 07. 2024
- Are you accepting payments through a merchant provider (ie. Stripe, PayPal, Square, or your local bank)? I've been receiving questions about what's the proper way to handle these in QuickBooks to make sure the customer's account and your bank account are both reflecting the payments properly.
Don't forget to review how this type of expense is impacting the Profit and Loss.
Looking for the Online Version of this video: • Handling Merchant Fee ...
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Timestamps:
0:00 - How to enter in Merchant fees
0:34 - Customer Payment Workflow in QuickBooks
0:53 - How to review a customer invoice in QuickBooks
1:17 - How to apply a customer payment against an invoice in QuickBooks
2:13 - How to add a Customer Payment in a deposit and enter the merchant fee so the total matches the bank deposit in QuickBooks
4:15 - How to make sure you are entering your customer payments after the fee correctly in your deposit.
5:29 - Join Candus's QuickBooks Tips & Tricks
5:35 - Candus Kampfer free QuickBooks workshop - 3 secrets to customizing with QuickBooks
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Are you more comfortable not with entering your merchant fees?
Such a nice simple answer. I been looking on line all day. Thank you so much!!
Thank you for watching our videos!
Glad it helped you.
Have an amazing day!
Ednalyn ~ Team Candus
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Such a nice easy simple solution. I've been looking online all day. Thanks so much!!
Thank you for watching our videos!
Glad it helped you.
Have an amazing day!
Ednalyn ~ Team Candus
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You are awesome, I appreciate how you deliver information. Super helpful!
Hi Katie,
Aw, thank you so much! I'm so glad you found our video helpful 🤗
If you’d like to learn more about how to optimize QuickBooks for your business, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop
Have a great day,
Samantha, Team Candus
OMG super helpful my customers pay via wire payment and did not realize you should manage it thru the Undeposited screen/icon.
Hi Barbara,
So glad it helped you. 😊
Have an amazing day!
Kindra ~ Team Candus
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Thanks again!
Hi,
I'm so happy that you found our video helpful!
Have a great day,
- Samantha, Team Candus
Top Video! Always wanted to know this, I usually charge it to the customer account using a journal and apply it to the invoice as a credit..
Glad it helped you.
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Kindra ~ Team Candus
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This was the most helpful explainintion
Hello Rodger
Glad it helped you.
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Ednalyn ~ Team Candus
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Thank you. I'm a subscriber now.
Thanks for the sub!
Glad it helped you.
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I don't know you, but i just want to say thank you, before watching your video i felt like crying thinking about how was i going to reconcile the bank account of my company I owe you so much 😍😍😍😍😍😍😍😍
Hi Ivette,
I'm so happy that you found our video helpful! 🤗
If you’d like to learn more about how to optimize QuickBooks for your business, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here: CandusKampfer.com/workshop
Have a great day,
Samantha, Team Candus
this is fun fun fun!!!!! yes!!!
We're so glad you enjoyed it.
Have an amazing day! 🤩
Kindra ~ Team Candus
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Helpful video! Can you do a video on how to handle when a vendor charges tax on a resale item. How do we enter invoice to show an adjustment (reduce) to sales tax liability.
Thank you for watching our videos 😊
Hi Sandra,
I will add your question to the list Candus uses to create new QuickBooks tips each month. If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips
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Kindra ~ Team Candus
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Hi Candus, how can I record an expense for penalty, late filing penalty, fees and interest due when you pay sales tax.
@Candus Kampfer If I've to charge my customer processing fee then I've to enter Merchant fee as an income. correct? If Yes can I record this without adding Line item in an invoice? Please advise.
Thank you for watching our videos 😊
I will add your question to the list Candus uses to create new QuickBooks tips each month. If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips
Have a great day!
Ednalyn ~ Team Candus
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In our nonprofit, we go straight to the “deposits “ tab For the credit card donations. The fee (which comes out as a separate transaction), we have a QB category for “fees” and we expense the fees there and just do our donation straight as a deposit. Is this wrong? Thank you for all of your help with QuickBooks. I really appreciate what you do.
Hi Wendy,
Thanks for watching our videos - we're glad you enjoy them. To answer your question, it depends on what you want to see on your reports and need to track.
Have an amazing day!
Kindra ~ Team Candus
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Wendy, your not wrong, there are different ways to enter the same information depending on how your nonprofit wants to analyze the data later through the reports function. I must expense mine this way.
@@patriciaperlman8808 Thanks for that sharing that information. I really appreciate it.
WIll you have a video on "How to handle Merchant Fees in QBO" using sales receipts and deposits/bank feeds?
Hello!
We have this video available for merchant fees in QBO: czcams.com/video/X_Y_cwHXC3o/video.html
Have a wonderful day,
Kindra ~ Team Candus
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@@CandusKampfer thank you for providing this link, I was just about to ask the same question. 😃
Question? If you want the fee to show under the client job as a cost can you enter the job name instead of the vendor?
Thank you for watching our videos 😊
I will add your question to the list Candus uses to create new QuickBooks tips each month.
The best possible way for you to receive support from Candus is to register for and attend her workshop.
Here is the link to register to attend: canduskampfer.com/workshop
Have a great day!
Ednalyn ~ Team Candus
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Hi @Candus Kampfer Can I record my software credit card transaction fee (Stripe) as a Deposit immediately as I charge them in my software
Thank you for watching our videos 😊
I will add your question to the list Candus uses to create new QuickBooks tips each month. If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips
Have a great day!
Ednalyn ~ Team Candus
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Hi Candus What if the customer cancels the order, and have to refund the money received including the merchant fee, and the money has already been deposited to the bank. Would you please make a video showing the reversal of the money owed to the customer and reversing the merchant fee.
Thank you for everything you do to share with all of us Enterprenuers. Have a Blessed Day. Happy Halloween 🎃
Happy Halloween to you too!
Thank you for watching our videos 😊
Generally you would just add it back to the original account it was put into - merchant fee back to merchant fee account, etc. However, I will add your question to the list Candus uses to create new QuickBooks tips each month. If you haven't already joined our weekly QB Tips & Tricks, click here to join and we'll send you our tips straight to your inbox: canduskampfer.com/weeklytips
Have a great day!
Kindra ~ Team Candus
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Hi Candus, My merchant account settles my daily batch at 5pm. The banks settlement reports are not available before the next day. That settlement report is the only way I can know the fee accurately. In this example are you entering payments when they are made or the day after from your merchant data?
My question may be outside the scope here. I was was hoping to see you enter the the transaction through to the bank deposit stage . Would that be a daily batch total if we followed this transaction through undeposited funds and Into the bank?
Hi Patricia,
You can enter the payments whenever works for you. We "receive payments" weekly for the previous week's payments as a batch into undeposited funds and then make a "deposit" where we split out the fees that were taken out.
I hope that helps!
~Kindra/Team Candus
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@@CandusKampfer Thank you - that does very much. I fear in our case our "undeposited funds" would be unwieldly by weeks end just doe to transaction volme. This helps greatly though as I have a better angle for discussion on better procedures with the CFO. Thanks!!
can you doing a video show how you charge the customer the surchage 3% credit card process fee on the same invoice?
Thank you for watching our videos 😊
I will add your question to the list Candus uses to create new QuickBooks tips each month.
The best possible way for you to receive support from Candus is to register for and attend her workshop.
Here is the link to register to attend: canduskampfer.com/workshop
Have a great day!
Kindra ~ Team Candus
P.S. We’d love to connect with you! Find us on ↓
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What if your merchant fees come out at the beginning of the month and the amount of the fees is more than your deposit, therefore it will not allow you to create a negative transaction to deposit.
Hi Amy,
If it comes out once a month it's typically a separate transaction than your daily deposit. I'd add it as an expense in the check register and choose merchant fees.
If you’d like to learn more about how to optimize QuickBooks for your business, I recommend checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here:
CandusKampfer.com/workshop
Have a great day,
Samantha, Team Candus
Candus, Help, my QB screen looks different than yours and I don't have a "undeposited funds" to click. I've only been on QB for 6 months...
Candus, I have now learned the difference in QB online and QB desktop. Thanks for the online videos.
Hi,
I'm glad you were able to figure out why your QuickBooks looked different and that you learned something new! 🥳
If you want additional support with your QuickBooks, you can check out our Customizing QuickBooks workshop here: CandusKampfer.com/workshop
Have a great day,
Samantha
Team Candus