The way in which merchant account fees appear on your bank statement depends
on how the fees are deducted by the merchant account processor. Fees are
deducted in two ways:
Fees are deducted after the money is deposited.
Most merchant account processors accumulate the fees during the statement
cycle (usually a month), then deduct them from your bank account at the end of
the cycle. Your monthly bank statement shows each deposit and a single fee
charged at the end of the month.
Other merchant account processors deduct fees each time a deposit is made.
This is usually done when the merchant account processor deposits payments. In
this case, your monthly bank statement shows a fee for each deposit (that is,
two separate transactions each time).
For fees that are deducted after the money is deposited, you must
write an expense check to appropriately
account for the fees in QuickBooks.
Fees are deducted before the money is deposited.
The merchant account fees are not shown on your bank statement. It shows
only the net deposit amount, which is the total of all your credit card
payments for that day minus the total merchant account fees charged for that
Deposit = total credit card payments - total merchant account fees
The Merchant Service for QuickBooks makes it easier for you to
account for the difference between your QuickBooks deposit total and the
deposit total on your bank statement.
In the Merchant Service Center, you can search for fees and also access up to 13 months of statement history.
Learn more about your statement
For more help reading your monthly statement, visit the Merchant Service Center's Home page (choose Customers > Credit Card Processing Activities > Merchant Service Center) and click Learn how to read your statement.
What is the Merchant Service for QuickBooks?
See how views make
matching deposits easier