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Accounting for differences between your deposit total and the bank deposit total (Merchant Service)

Tip (lightbulb)The following procedure explains how to use the fees calculator in the Make Deposits workflow. However, we strongly recommend using the Merchant Service Deposits feature for an easier, faster way to match your credit card deposits and fees to your bank statement.

Please read if you process American Express cards

For American Express cards, you can use the fees calculator to help you account for the difference between your QuickBooks deposit total and the deposit total on your bank statement, which is usually due to credit card processing fees, chargebacks, or returns.

Tip (lightbulb)The following procedure explains how to use the fees calculator in the Make Deposits workflow. However, we strongly recommend using the Merchant Service Deposits feature for an easier, faster way to match your credit card deposits and fees to your bank statement.

If you are processing MasterCard, Visa, Discover, Diners Club, or JCB cards using the QuickBooks Merchant Service, QuickBooks can download credit card fees and adjustments for you automatically. If you are processing American Express cards, QuickBooks Merchant Service provides a fees calculator to help you account for the difference between your QuickBooks deposit total and the deposit total on your bank statement, which is usually due to credit card processing fees, chargebacks, or returns.

To do this task

  1. Open the Make Deposits window and complete steps 1 through 4 in the Enter Credit Card Fees area.

    • Step 1: Enter the bank deposit total from your bank statement.

      Note: If your deposit is a negative amount, as can happen if the credit card refunds in your deposit exceed your sales transactions for the day, you must enter the bank deposit total as a negative amount. For example, if the Deposit Subtotal is -$100.00 and you have $5.00 in fees, enter -105.00 as the bank deposit total.

    • Step 2: Click the Calculate button to display the difference.

    • Step 3: Select the account you created to track merchant account fees (for example, merchant account fees).

    • Step 4: Optionally, enter a memo to explain the transaction.

  2. Save the deposit.

    • Click Save & Close to save the transaction and close the window.

    • Click Save & New to save the transaction and enter a new one.

See also

KB ID# H_DEPOSIT_MAS_DIFFERENT_DEP_TOTALS
7/30/2014 8:21:17 PM
PPRDQSSWS401 9102 Pro 2013 1337b0