how do i record credit card processing fees?

oldoakpmoldoakpm Member Posts: 3

The fees are taken out before the sales deposited into my account. How do I make a correct record of sales?

Comments

  • a1photographera1photographer Member Posts: 3

    I need to know the answer to this as well.

  • oldoakpmoldoakpm Member Posts: 3
    So I’ve kinda figured it out since I’ve posted the question, here’s what I did.
    My actual sales were $117.46 and the actual deposit was $114.23 so I split the transaction and the first category for sales I put $117.46 and the second category I went through and found “discounts and fees” and that makes the second category a negative amount which is where I would put the $3.23 credit card processing fee which makes the transaction balance.

    I’ll try to post a screenshot to better explain.
    edited February 4, 2019
  • Katie_SilkinaKatie_Silkina Guest, Unconfirmed, Applicant, Member, Administrator, Moderator, Employers Posts: 73 admin

    @oldoakpm @a1photographer definitely the right approach using split & negative amount. We've got an article here covering the detailed flow.

    @dejalouco can you elaborate on the double subtraction you've mentioned? Are you using the split function with negative amount as mentioned by @oldoakpm or creating an additional transaction?

  • oldoakpmoldoakpm Member Posts: 3
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