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Setting up an expense account for merchant account fees (Merchant Service)

  1. Go to the Lists menu and click Chart of Accounts.

  2. Click Account at the bottom of the list and click New.

  3. In the Add New Account window, click Expense, and then click Continue.

  4. In the Account Name field, enter the name of this account, such as "Merchant Account Fees."

  5. (Optional) Enter a short description of the account in the Description field.

  6. If you want to make this account a subaccount, click the Subaccount of checkbox. Click the drop-down list and choose the account that will be the higher-level account for this subaccount.

    For example, some businesses want to separate their credit card processor fees by the charge card type, such as Discover, Visa, etc. Other businesses make merchant account fees a subaccount of Bank Charges.

  7. Click the Tax-Line Mapping drop-down list and choose the appropriate tax line item.

    What if the list of tax lines is missing?

    What if the list of tax lines is missing?

    What are the benefits of associating a tax line with each account?

    What are the benefits of associating a tax line with each account?
  8. Record your information about the new account.

See also

KB ID# H_SVC_QBMS_SET_UP_EXP_ACCT_FOR_CC_FEES
9/28/2016 10:04:43 AM
QYPPRDQBKSWS08 9138 Pro 2017 5cbfef