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
  • trav2001trav2001 Member Posts: 14

    Mine does show a negative :( it always shows a positive...what the heck?!?! It used to work fine. Why does this software ALWAYS get jacked up after spending more than 20 minutes using it!!!!!! ARG!!!!!!

  • AlexLAlexL Administrator Posts: 525 admin

    Hey @trav2001 . Can you give me some further info here? Maybe a screenshot to show us what you're doing? The info that the rest of the thread on Discounts and Fees should apply here if you categorize the second half of your split transaction as such.

    edited May 13, 2019
  • trav2001trav2001 Member Posts: 14
    I got it figured out finally. Thanks!
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