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If you lot take payments from your customers, whether yous're using PayPal, Stripe, Square, or another payment processor, you most likely are paying merchant fees. Just how do you properly enter merchant fees into QuickBooks?

In this postal service, we'll encompass two different ways to enter merchant fees. We'll explain what to do if your merchant account provider charges you lot per transaction or via a lump sum at the stop of each month. This manner, you tin know how much money your business actually has, and you can exist sure all of your information is correct for year-finish taxes.

If you don't accept a payment processor even so merely want to accept online payments from your customers, visit our comprehensive merchant business relationship reviews to find the all-time payment processor for your business.

How To Enter Merchant Fees Per Transaction

If you use PayPal, Square, or a similar payment processor, you lot are charged a sure percentage for each transaction you process. For example, PayPal charges 2.9% +$0.thirty/per transaction. Believe it or not, inbound this data into QuickBooks Pro is actually adequately uncomplicated.

Before you begin, make sure you have created a designated expense account called "Merchant Fees." If you're non sure how to do this, follow the steps in our How To Enter Credit Card Charges In QuickBooks Pro mail (just select "expense" rather than "credit card").

Then, get to Customers>Receive Payments or find the "Receive Payments" icon on the home screen.

Step 1: Select Your Customer

Apply the drop-downwardly carte du jour to select the customer whose payment you are recording. QuickBooks will pull upwardly all outstanding invoices attached to that client and autofill information appropriately.

Step 2: Enter Payment Amount

Type in the exact amount the customer is paying.

Step three: Select Payment Pick

Cull how the client is paying.

Clicking "More" volition take you to payment methods, such as PayPal and Stripe (Note: If this is your first time recording merchant fees, click the "Add New" button to add whatever processor y'all use.)

Footstep four: Edit The Date

Brand sure the correct date is chosen using the drop-downward calendar.

Pace five: Enter A Reference Number (Optional)

If you accept a reference number, you can enter information technology at present.

Step 6: Add together Any Additional Info

Now you can add whatever extra info, such as the original amount, amount due, and a memo.

Stride vii: Go To Tape Deposit

Now return to your home screen. You should run across a red notification on the "Tape Deposit" icon. Click on it.

Stride viii: Select The Transaction

Click next to the payment we merely recorded. Once you meet the checkmark, click okay.

Footstep 9: Select Your Merchant Fees Account

On the line direct underneath the payment that you recorded, select your merchant account.

Stride 10: Enter Merchant Fee

Enter your merchant fee using a negative number. QuickBooks will automatically deduct the merchant fee from the total payment.

Pace xi: Tape Your Deposit

Double-cheque that your screen looks correct and that the total on the bottom right-hand corner appears correct. And so click "Relieve & Shut."

Repeat this process as many times until all of the merchant fees for each payment are properly recorded.

How To Enter Merchant Fees Every bit A Lump Sum

Information technology'south rare, but some processors, such as Fattmerchant, charge a monthly merchant fee. If this is the instance for your processor, go to the "Check Register" icon on the abode page or go to Banking>Use Register and so select the business relationship you use to pay merchant fees.

Step ane: Edit The Date

Make sure the correct date is called using the driblet-downward agenda.

Footstep two: Choose Your Vendor

Where it says "Payee," use the drop-downwards bill of fare to select the vendor you are paying.

Step three: Select Your Merchant Fees Account

Where it says "Account," use the drop-down menu to select your merchant fees account.

Step iv: Add together A Memo (Optional)

You can add together a memo to describe the payment if you'd similar.

Step 5: Enter Merchant Fee

Where it says "Payment," enter your merchant fee payment.

Step 6: Save

Click "Record" to save your entry.

At present your merchant fee is recorded correctly. You lot can rest easy knowing that your QuickBooks data is correct.

For troubleshooting issues, check out the QuickBooks Customs or call QuickBooks directly. Don't forget to bank check out the rest of our QuickBooks Desktop Pro 101 Series to larn how to add together a bank account, reconcile a banking company account, enter credit card charges, enter a nib, enter credit carte du jour payments, and more than.

Are yous overwhelmed by QuickBooks Pro? Maybe information technology'due south time to switch to QuickBooks Online. QBO is easy to use, cloud-based, and affordable. Best of all, you tin can easily import your QuickBooks Desktop information into QuickBooks Online. Bank check out our total review on QuickBooks Online for more details.

Outgrown QuickBooks Pro? Switch to QuickBooks Premier. It'due south the aforementioned QuickBooks Desktop software you love but with more users and advanced, industry-specific features, which we cover in our QuickBooks Premier review.

QuickBooks Pro Merchant Fees FAQs

How are merchant service fees calculated?

How merchant service fees are calculated varies by merchant. In well-nigh cases, a stock-still per centum plus a per-transaction fee is charged. Other merchants may use a tiered structure for fees, while others may charge a monthly merchant fee.

How do I reconcile merchant fees in QuickBooks?

In QuickBooks Pro, to reconcile merchant fees, commencement by entering the payment information. One time this has been input, go to Record Deposit and select the transaction. Enter the amount of the merchant fee as a negative number under the Merchant Fees account. This will automatically be deducted from the payment. Relieve your changes, and that's all in that location is to it!

How do yous handle merchant fees in QuickBooks Online?

In QuickBooks Online, to handle merchant fees, starting time past creating a Merchant Fees account. When you record a payment, make certain that information technology is routed to Undeposited Funds. Once recorded, yous can create a bank deposit and enter the merchant fee, recording information technology under the Merchant Fees business relationship, while routing the remaining funds to the right accounts.

Don't forget to input merchant fees every bit a negative number earlier saving and finishing the deposit.

Is QuickBooks Merchant Services good?

QuickBooks Payments (formerly Intuit Merchant Services) has received overall positive reviews, including a iv-star review here at Merchant Bohemian.

There are no monthly minimums, transparent pricing, and the service seamlessly integrates with QuickBooks software. However, fees can exist a lilliputian high for some businesses, customer support is a bit lacking, and at that place are limited invoice customizations, so these are things to proceed in mind as you lot shop around.

Source: https://www.merchantmaverick.com/how-to-handle-merchant-fees-in-quickbooks-pro/

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