Quickbooks Credit Card Payments

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Below is a custom video response we did on Quickbooks Credit Card Payments and how to account for merchant fees.

QUESTION:
Question came in from Michael on Feb 27, 2013.

How to set up payment from credit card company as ACH. Square I input payment from customer on sales receipt from credit card company, and mark as deposit in check register say for $500.00. When I have received payment from cc company they take out their percentage so I received say $482.35 then I go to banking and make all to deposite my bank register shows overstated deposites. How do I log the fees and keep from overstating deposites in check register and still capture the fees expense for use of cc service.

ANSWER:
Check out video below for

how to account merchant fees in Quickbooks Credit Card Payments

Here is the written response as well for Quickbooks Credit Card Payments merchant fees.

Option #1
Go back to each invoice or sales receipt and account for the merchant fees there. Create a line item called "Merchant Fees", make it a discount and against Merchant Fees expenses for the Chart of Accounts. If you know the exact fee on the spot, this might be convinient. However, if you must go back and do it at the end of each month, it can be redundant work.

Option #2
At the end of each month, for Quickbooks bank reconciliation purposes, simply make one bank transaction fee for the expense as a total. It wont be exact in the register, but that should not be that important unless you are doing analytics. The main thing you want to make sure is that numbers add up and you can reconcile.

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