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After this, under Add Funds to This Deposit, add a new line, with PayPal Customer under RECEIVED FROM. You can select the account where the deposit will be made and then check the relevant payment, which in our case is $50 from PayPal Customer, as shown below.ДЄs far as QuickBooks is concerned, it still recognizes a $50 deposit. You can again click on New, but this time, select Bank Deposit under the OTHER column. The next step is to match the sales receipt with the bank deposit. Under the Deposit to option, make sure to select Undeposited Funds, which is an account we will be using to temporarily hold funds. Then, create a receipt for your customer.ДЄs you can see in this screenshot, weвЂ™ve created a sales receipt for PayPal Customer for $50. Under New, select Sales Receipt or Cash Memo. Here is how you can handle merchant fees using QuickBooks Online, using a hypothetical 2.9% PayPal processing fee as an example. This is why you need a consistent system in place to handle merchant fees. Key takeaway: You may be unaware of how much you are being charged for transactions, since every payment processor has different rates and terms.

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For example, PayPal charges 2.9% + $0.30 for each transaction, while Payoneer transactions are free if made by another Payoneer user.

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How to handle merchant fees with QuickBooks OnlineД®very merchant services company or payment processor has different rates and terms. With this method, though, you could lose sight of these costs among all the data in an income statement. With the expense method, merchant fees are grouped under operating expenses such as rent, electricity and communications. This is a fairly straightforward method that clearly links merchant fees as a cost of doing business, allowing you to compare service providers. Gross Profit = Income вЂ“ Cost of Goods Sold вЂ“ Merchant FeesДЄs you donвЂ™t incur these fees when there is no sale, it is a good idea to consider them as the cost of sales and include them in your gross margins. This implies that the fee is deducted to get the gross margin. Cost of sales methodДЄccounting for merchant fees as the cost of sales would place them at the top of the income statement. There are two ways you can account for merchant fees or credit card processing charges.

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Another reason you should keep track of merchant fees is that they are tax deductible.Д®ditorвЂ™s note: Looking for the right accounting software for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs. You should record the merchant fee and gross sales in your bookkeeping software for accurate reporting. Tip: Looking for a payment processor? Compare the merchant fees in our Square review and Payment Depot review.ДЇor example, if you sell products worth $100 on Amazon and it charges a merchant fee of $20, you will see only $80 deposited into your bank account. When you make a sale, the merchant account deposits your sales revenue into your bank account, deducting the merchant fees from the gross sales. The fees pay for hosting, advertising, shipping, maintenance, setup and anything else involved in the sales process. Merchant fees, also called seller or transaction fees, are charged by merchant service providers to let you make a sale on their platforms. In this guide, weвЂ™ll look at how to use these features effectively on QuickBooks Online and Pro. QuickBooks provides a straightforward solution to work with merchant fees and maintain consistent records. These fees can make up a substantial portion of your businessвЂ™s cost of goods sold, making it essential to record and keep track of them, both for tax deductions and to compute gross margins.

If you accept payments from customers via credit card payment processor, you will incur merchant (or transaction) fees based on the value or volume of transactions. This article is for small business owners and bookkeepers looking to make the most of what QuickBooks has to offer.

Accurate reporting of merchant fees can help support decisions on choosing the right merchant accounts and sales channels.

Merchant fees can be managed as cost of sales or as expenses.

Recording and tracking merchant fees are essential for computing gross income.

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