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.
Looking for the Online Version of this video? Click here: https://canduskampfer.com/handling-merchant-fee-in-qb-online
**Create Invoices or Sales Receipts or straight to Record Deposits
- 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
- You’ll see a number notification in Record Deposits
- Select the payment deposits
- Click OK
- Choose the Deposit To:
- 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
- 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.
Have you been using QuickBooks for a while, but when you pull a report you just don’t understand what it’s saying?
Does the idea of going to see your tax professional sound a little stressful and maybe cause you to feel like you want to pull your hair out?
I would love for you to join me on my customizing QuickBooks workshop.
I’ll be sharing:
- The most efficient way to track your Income and Expenses.
- How to create accurate reports in order to view how your business is actually doing and stop second-guessing yourself.
- Where to get the data you need to make the best decisions to grow your business.
And the #1 SECRET to feeling confident at your next tax appointment.
I’m excited to see you on the workshop!