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Handle credit card discount fees, bank fees, and processor fees

If merchant fees for credit card processing are removed from the deposit before it posts to your bank account, you may want to record the amount of the merchant fees on each deposit. This will allow the transactions entered into QuickBooks to match the actual transactions in your bank account in order to more easily facilitate bank reconciliation.

  • If you are tracking your merchant account payments daily through the use of undeposited funds you can record the fees charged to you at the time they are incurred. In your regularly scheduled deposit you can enter an additional line, using a negative number to reduce the total amount of the deposit so that it agrees to the actual amount that will post to your bank account. Code the negative amount to the appropriate expense account (for example, Merchant Fee Expense).

  • If you do not know when or how much you will be charged or you are not tracking your deposits on a regular basis, you may wish to make use of a holding account. If you use a holding account, you may still enter your fees at the time you record your deposit. However, the deposit is only recorded at the end of a period of time, such as after the receipt of a statement. Alternatively, fees may be recorded manually against your holding account at any time.

For more information on these methods or how to enter the deposit, see:

KB ID# H_RET_CCARD_DISCOUNT_FEES
12/10/2016 10:29:19 AM
PPRDQSSWS403 9138 Pro 2017 792be3