Merchant fees – how to enter them into QuickBooks online with your customer deposit
Merchant fees. Love them or hate them, they are part of doing business. Are all merchant service companies the same when it comes to QuickBooks Online (QBO)?
Just like the houses in the picture....not exactly. Especially, if you are NOT using the merchant services system from Intuit that is embedded in the program. If you have ever wondered, "How do you show the customer payment and show the bank (merchant) service fee?" or "How do you show the net deposit so that it matches the bank feed?" The video below will step you through the process.
- Create your invoice
- Record the customer payment in full.
- Deposit said payment to the undeposited fund account.
- Go to + bank deposit and select the payment, drop down to the bottom of the page and enter the merchant/bank service fee with a negative amount.
- The total net deposit MUST match the bank feed. It should automatically match it when you return to the bank feed page with a green match.
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