Go back to the home screen and click “Record Deposit”.Enter any additional information such as the date and reference number.Enter the payment account and payment option.Choose the relevant customer on the drop-down menu.On the home screen, navigate to the “Receive Payments” icon and click on it.Create an expense account called “Merchant Fees”.Here are some simple steps to help you keep track of transaction fees:
Recording Credit Card Processing Fees In QuickBooks
You then record these deposits as they occur or use the “Check Register” function for lump sum fees. To enter a per transaction or monthly fee, you’ll need to create an expense account called “Merchant Fees” if you haven’t already. However, those new to QuickBooks might not be sure how the process works. Getting an accurate picture of these fees can help you improve your accounting process. Often, high-risk merchantsneed to pay higher fees compared to those classified as low risk. Click Save & Close to save the journal entry and close the window, or click Save & New to save the journal entry and open a new window.When it comes to accepting payments, recording credit card processing fees from merchants like Stripe, Square, and PayPal is essential.Your total in the Debit column should equal the total in the Credit column, and the journal entry will then be properly balanced. Repeat Steps 4 through 6 until the entries completely offset each other and the transaction reaches a zero balance.It will be displayed on reports that include this journal entry. This step is optional, but it's recommended so that you'll remember later why the entry was made. Enter a descriptive memo in the Memo Column.The debits and credits must be equal to make the entry balanced and allow QuickBooks to post the entry. Enter the debit or credit amount for the account you've selected into the Debit or Credit columns.Enter the general ledger account number In the Account column. You can also select the first account from a drop-down menu in the Account column.field. QuickBooks will automatically number subsequent journal entries sequentially. Enter a number for your journal entry in the Entry No.
Change the Date field, if necessary, in the Make General Journal Entries window. QuickBooks will default to the current date so if you want to post an entry for a previous month or year, be sure to change it so that your entry gets recorded in the proper financial time period.Go to Company > Make General Journal Entries from the menu at the top of the screen.
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