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New Member
October 11, 2019
Solved

Credit card fees are not taken in to account for bank deposits is there a fix for this? Client pays £100 fee £2 £98 received invoice does not correlate with bank deposit

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EmmaMAnswer
Level 10
October 11, 2019

Hello CityHanfyman

 

To account for the credit card fees you can follow the instructions below on how to show this in QuickBooks Online:

 

1. Create the invoice for the full amount (fees included £100)
2. Receive payment to Undeposited funds (full amount)
3. Plus sign > Bank deposit
4. Tick the invoice on the top part
5. On the bottom where it says Add deposit, choose the same customer
6. Choose an expense account (say Fees)
7. Enter the amount as a minus figure (say -£2.98)
8. Now the deposit should be for £97.02 which is the amount they've received, and £2.98 should be on the fees account as the fee

 

9.If you have the bank account connected you will then see a match in for review

 

Any questions let us know

 

Emma

 

1 reply

EmmaMAnswer
Level 10
October 11, 2019

Hello CityHanfyman

 

To account for the credit card fees you can follow the instructions below on how to show this in QuickBooks Online:

 

1. Create the invoice for the full amount (fees included £100)
2. Receive payment to Undeposited funds (full amount)
3. Plus sign > Bank deposit
4. Tick the invoice on the top part
5. On the bottom where it says Add deposit, choose the same customer
6. Choose an expense account (say Fees)
7. Enter the amount as a minus figure (say -£2.98)
8. Now the deposit should be for £97.02 which is the amount they've received, and £2.98 should be on the fees account as the fee

 

9.If you have the bank account connected you will then see a match in for review

 

Any questions let us know

 

Emma