Merchant Deposit with fees (2024)

‎February 04, 202112:56 PM

I hope this is the correct discussion topic for my question. On 2/1 we received a merchant deposit from our credit card processor in the amount of $268.37. Payments for the cards were from membership renewals which in reality totaled $460. Because it was the first of the month the card processor deducted their fees so that the $268 was what was deposited. I need to keep track of the membership renewal amounts in QBO, so my question is: how to I add the $460 in membership fees into QBO and show the fee charge correctly? The transfer has taken place from the merchant to our bank and from our bank to Quickbooks.

I'm sure I am not asking the question as clearly as I should, but I hope someone understands what I am trying to say and do!

Thank you in advance for your time and help.

Larry

• QuickBooks Online

Rose-A

You've come to the right place! I've got all the steps to make sure everything is accounted for, @Larry K.

If you receive a payment less than the invoice amount due to bank fees, we can use theResolve Differencefeature to account for the bank charge.

You can follow these steps below to create aBank Chargesaccount:

1. Go toAccountingfrom the left menu.
2. ChooseChart of Accounts.
3. ClickNew.
4. In theAccountdialog, create anExpenseaccount forBank Charges, and give it a name, e.g Bank Charges or Bank Fees.
5. SelectSave and close.

You can refer to our guide on adding an account to your chart of accounts in QuickBooks Online for your convenience.

Once done, you can match the invoice with the bank transaction and use theResolve Differencefeature to record the bank fee. Let me show you how.

1. Go toBankingon the left menu and chooseBanking.
2. On theBank and Credit Cardspage, make sure you have selected theBank Accountwith the transaction.
3. Locate the transaction with the amount of $268.37in theFor Reviewtab.
4. TapFind Match.
5. In theMatch transactionswindow, choose the checkbox of the appropriateInvoice.
6. Enter the exact payment $460in thePaymentfield.
7. TickResolve Differenceto open theAdd resolving transactionsfields.
8. ClickAdd new transaction.
9. From the drop-down list in theCategoryfield, select theBank Feesexpense account you created.
10. Enter a negative amount for the bank fee, e.g-191.63.
11. ClickSave and close.

    Here's an example:

Your transaction is now matched off against the invoice and the bank fees are accounted for.

As another option, you can follow our guide onentering a bank service fee while using a third-party merchant service. Then,match the downloaded transaction and the deposit you created in QuickBooks Online.

Feel free to visit ourBankingpage for more insights about managing your bank feeds.

If you have any other questions or clarifications, feel free to leave them in the comments below. I'll get back to you as soon as I can.

Thank you@LieraMarie_Afor your quick response. This makes sense to me, but I have one follow-up question.

The amount received from the CC merchant is for six separate transactions from members paying their dues. That total equals $460 and then the fees ($191.63) are deducted and the balance is deposited to our account. I want to be able to track each individual members renewal in QBO, so do I create a separate invoice for each member (and what their renewal is) and then match all of them to the transaction when I do the review, and THEN resolve the difference?

Thank you again for your assistance and knowledge!

Thanks for getting back to us,Larry K.

Allow me to step in and help you with matching your deposits with fees in QuickBooks Online.

To answer your follow-up question, yes, you can create a separate invoice for each member to track their renewal in QuickBooks Online and follow the steps provided by my colleague above to match them. See the sample screenshot below.

To help you manage your invoices in QuickBooks, you can refer to this article:Create invoices in QuickBooks Online. This will provide you links on how to record payments manually as well as tips to make your financial reports accurate.

If you need further assistance with matching your deposits with fees or have other follow-up questions in mind regarding QuickBooks Online, please let me know. I'll stick around to help you out.

Hello there, @DynamoBicycle.

I'm here to share some pointers to resolve this deposit fee in QuickBooks Merchant.

Yes, fees associated with the invoice should be recorded as a separate transaction. You'll need to tap the link for each invoice to enter the difference manually. This way, you'll be able to avoid discrepancies when you start reconciling your books.

Furthermore, you can refer to the steps provided by @Rose-Aabove on how to track bank fees or deposit charges.

I'm adding this article for your additional guide toreconciling an account in QuickBooks Online.

You can use various reports and forecasts to get a complete image of your company's current and future finances. You can get some ideas from this article:Track your cash flow in QuickBooks Online.

Feel at ease if you need assistance with how to run an invoice report. I'll be here around to guide you always. God bless you.

Hello @DynamoBicycle.

Handling transaction fees by creating a rule to rectify the data or transactions from another platform to our program can be a big help. I can see how relevant and helpful it is. However, we're unable to do it in the system. We can send your valuable feedback to our Product Development team and share your insights about this.

1. Sign in to your QuickBooks Online account.
2. Go to theGearicon.
3. SelectFeedbackunderProfile.
4. Enter your suggestion. Then, clickNext.

We can handle these fees ourselves by following the recommendation shared above.

If you would like someone to do it for you, we can consult an accountant or someone who can better guide you in recording the fees in other ways. They'll make sure to keep your accounts and business data accurate. Check this link: Find an accountant.

Here are some articles for more tips and details about handling bank data and reconciling accounts:

• Set up bank rules to categorize online banking transactions.
• Reconcile an account in QuickBooks Online.

Please let me know if you have other concerns about entering charges and handling bank transactions. The Community is always here to help. If you have other suggestions, please feel free to post them.

Hi, @carsons.

I know how important this feature is for you, especially when you're matching deposits to add them thoroughly to your bank register.

In relevant to your case, may I know if you're getting the"Error: Something not quite right the selected and downloaded amount don't match to continue resolve the difference" when matching downloaded transactions?

I see an investigation topic regarding matching deposits using theResolvedifference feature. As our engineers are diligently working to fix this, I suggest contacting ourQuickBooks Online Supportteam through chat or callback.

On the other hand, our phone and chat supervisors may be unavailable for now due to customer volume that informs this issue. Rest assured, our phone and chat representatives will be attaching your account to the investigation case once you get in touch with one of them. This way, you'll receive an email once they get a fix and release the update soon in QuickBooks Online (QBO). We thank you for your patience.

However, if the error message doesn't appear when matching a deposit using theResolvedifference feature, I suggest using an incognito or private browser to isolate this issue. This mode has no cache, this is why it's suitable to run QBO since the browser's cache affects online website performance.

Run a compatible browser and then follow its keyboard shortcut:

• Google Chrome:Ctrl+Shift+N.
• Safari:Command+Shift+N.
• MS Edge and Firefox:Ctrl+Shift+P.

If you're able to run QBO and utilize theResolvefeature when matching deposits, I recommendclearing your regular browser's cache. By doing this, your browser will start with a clean slate. You can also try othersupported browsers.

Please let me know how it goes so I can help you more. Stay safe and more power to your business!

Hello, carsons.

Thank you for confirming the error message you've encountered when matching the download transactions.

I'd like to inform you that there are reported similar issues from users about the "Error: Something not quite right the selected and downloaded amount don't match to continue resolve the difference when To be able to match downloaded transactions properly" This is the possible reason why theRESOLVEfeature is not working correctly.

Rest assured, our software engineers are working hard to resolve this issue permanently.

To ensure you'll get an update about the resolution status, I suggest contacting our QuickBooks Support Team. This is to ensure that your company is added to the list of affected users and provide this investigation number for easy tracking:INV-77952.

1. Sign into your QuickBooks Online company.
2. SelectHelp (?).
3. TapTalk to a human.
4. Choose a way to connect with us:

• Start a chatwith a support expert.
• Get a callbackfrom the next available expert.

To make sure you'll get prioritized for your concern, please check the availability time of our customer support team. You can contact us every Monday to Friday from 8 AM - 6 PM. Also, phone support may be limited due to volume.

Once the investigation is resolved. You will be able to use the RESOLVE feature again in QBO.

On the other hand, for more details on handling your account, just feel free to use ourCommunity Help articles. Just select a topic that you need help with.

Thank you for your patience while we work on a fix. Please know you can continue to reach me here with any additional questions. I'll be more than happy to assist you again. Take care!

Why are there multiple investigation #'s??? Please tell me what is going on with #78847!

Why is this function ALL OF A SUDDEN not working? It was working fine until 2 weeks ago?

I understand the urgency of this issue, @carsons.

The multiple investigations are determined by the impacted regions. INV-77952 is for QuickBooks Online (QBO) in the United States, while INV-78847 is for QBO in the United Kingdom and the rest of the world. Both cases are still active, and the team is working hard to resolve the issue.

For now, you can attempt using the steps below as a workaround:

1. Click+ Newand selectReceive payment.
2. From theDeposit todropdown, clickUndeposited Funds.
3. Fill out all other necessary information and clickSave and close.
4. Go to+ Newand selectBank deposit.
5. Select theAccount.
6. In theSelect the payments included in this depositsection,select the customer/invoice it is attached to.
7. TheAdd funds to this depositsection is where you need to take the fee off the invoice.
8. UnderAmount,enter the amount off for the fee as a negative (-).
9. ClickSave and close.
10. Once done,match the transactionon theBankingpage.

You can also refer to this article if you want to match your account with your bank and credit card statements:Reconcile an account in QuickBooks Online.

Please feel free to reply if you have additional questions about the said investigations. Stay safe.

I'm having the same issue. Not sure if this is still an issue for everyone or if I'm doing something wrong.

As a workaround, i've matched the transaction at the lower amount( as the merchant fee is held and only the balance deposited in our bank account). I've then gone into the chart of accounts and editied the amount deposited into our bank account to include the fee. Then I added the merchant fees as an expense to bank fees.

Hopefully this will all look okay in our accounts.

Alot of work for somehting that should be a simple transaction to match, at the moment we have hardly any transactions with fees as most of our customers pay via bank transfer.

Is this going to be resolved in the future?, as we start taking more card payments we will need to look for software that has the feature and leave quickbooks if not.

With the amount of companies that have merchant fees taken straight from the balance before transfer into their bank and then quickbooks. It is really suprising that quickbooks don't have a feature for this.