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Record a customer credit card payment with its associated processing fee

Customer pays invoice ($500.00) with credit card. A third party vendor charges $5.00 to process the payment so only $495.00 gets deposited into your bank account. You need to record the payment and the fee for processing it without leaving a balance for the customer.

Solution Description

Step 1: Create an Expense account for discount.

Note: Skip this step if you have an existing discount account you can use for this type of transaction.

  1. From the Lists menu, click Chart of Accounts.
  2. In the Chart of Accounts window, right click anywhere and select New.
  3. Select Expense for the Account type and click Continue.
  4. Type a name for the account (Example: Payment Processing Fee).
  5. (Optional) If you are using account numbers, enter it in the Number box.
  6. Click Save & Close.

Step 2: Apply a discount to the customer payment.

  1. From the Customers menu, click Receive Payments.
  2. From the Received From drop-down, select the customer:job.
  3. Enter amount of payment ($495.00).
  4. Click Discount & Credits.
  5. On the Discount tab, enter the amount of discount ($5.00).
  6. From the Discount Account drop-down, choose the discount account created in Step 1.
  7. Click Done then Save & Close.
KB ID# HOW12876
3/28/2017 10:25:07 PM
QYPPRDQBKSWS05 9138 Pro 2017 db9cf1