QuickBooks Online: Customer Payment Received, Net of transaction fees
Often we receive payments via ACH, wire, or credit card and the amount of payment received is different than what is deposited. We need to give the customer full credit against their invoice while only depositing the net amount. Here are the steps in QuickBooks Online to do this:
Step 1: Receive customer payment in full.
Click Create . Receive Payment.
Select Customer. Enter payment date, method, Ref#, and amount. Check off paid invoice(s).
Verify Deposit to is to “Undeposited Funds”. Click Save and Close.
Step 2: Make bank deposit for net amount.
Click Create. Bank Deposit.
Select bank account. Enter date. Check off customer payment from “Select Existing Payments”.
In the section Add New Deposits, enter the bank name in Received From.
Enter the account as Bank Charges (or applicable account).
Type in an applicable Description.
Enter the amount as a negative (reduces the entire deposit amount).
Click Save and Close.
In your Bank downloads, you’ll now see this deposit as a matched transaction since the amounts now match your bank. You can accept the match.
Congratulations! You have a new Quickbooks skill. To learn even more, call Squire today at (801) 225-6900.