How to categorize Stripe verification fees

mtclcmtclc Member Posts: 5

In my Waveapps accounting, there are 2 transactions to categorize for the 1 cent verification charge that occurs when one signs up for a Stripe account.

.01 out of my checking
.01 into my checking

I tried to categorize this as "Merchant account fees" and was able to do this for the debit. But then when I went to categorize the credit under the came category, it was not possible.

How would you advise I handle this type of categorization?

Comments

  • MikegMikeg Member Posts: 648 ✭✭✭

    @mtclc,
    I would put both under bank fees. One (in black) categorize as normal and the one in green (Refund of an expense) as a refund of bank fees.

  • mtclcmtclc Member Posts: 5

    I tried this (Bank Service Charges). The problem is that Waveapps doesn't allow me to enter it in as a credit, only as a debit.

  • MikegMikeg Member Posts: 648 ✭✭✭

    mtclc,
    If the transactions went through your bank account and is importing, one transaction should be in black and one in green. Is this not the case?

  • mtclcmtclc Member Posts: 5

    Yes, that is the case.

    Waveapps does not allow me to assign the Bank Service Charges to both transactions. Only to the minus one.

    That is the only reason I started this thread.

  • mtclcmtclc Member Posts: 5

    Please see the original post.

  • MikegMikeg Member Posts: 648 ✭✭✭

    I understand. Use the drop down to categorize the deposit. Choose Refund of Expense (4th option down) then select bank charges.

  • mtclcmtclc Member Posts: 5

    That did work. Thank you!!

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