Are you accepting payments through a merchant provider (ie: Stripe, PayPal, Square, or your local bank)?

I’ve been receiving questions about the proper way to handle these in QuickBooks in order 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.

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**Create Invoices or Sales Receipts or straight to Record Deposits


Customer Payment

  • Apply payment to your Customer 
  • Find your Customer, and add payment amount (amount of the total invoice)
  • Choose payment method
  • Checkmark invoice
  • Check details and click Save & Close


Record Deposits

  • You’ll see a number notification in Record Deposits
  • Select the payment deposits
  • Click OK
  • Choose the Deposit To:
  •  Date:
  • Check Details (From Account: Undeposited Funds)
    • Enter Received From (Vendor Example: Stripe/PayPal)
    • From Account: Merchant Fees
  • Enter Amount (Negative Amount)
  • Check Details
  • Click Save & Close


Checking Reports

  • Go up to Reports > Company and Financial > Profit & Loss Standard
  • Choose Date Range
  • Check entered amount


Reminder 💡  **If you’re going straight to the bank account/income account, make sure to enter the amount as a NEGATIVE, because if it’s a positive it’s not going to balance.

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