Adding money against invoice

Hi All,

I am a little new to account etc. let me give you the scenario.

I create an invoice for £30 The customer pays it via a credit card so I set it as paid against his account. Now I transfer the money from the credit card account to my bank account but say it £28 because of commissions etc to credit card company. Now when I go to add this to my bank account against an invoice it obviously want to put in £30.

Can anyone tell me how I should be doing this. Just started a business and using QuickBooks for account and would like to get it right from the start

Many thanks

Glenn

Reply to
Glenn Clark
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When you use the Make Deposits window to move money to the bank, keep the original 30 received from the customer. On the next line down enter the account for credit card fees, no customer name and the figure as a negative. This will keep everything as a should be and the actual deposit will reconcile at the end of the month.

Reply to
Tee

When you "Receive Payments" apply the full 30GBP to the invoice, then it says you are short. Use the Set Discounts button (lower left of screen), enter the difference, in your case 2.00 GBP, and select the GL account you wish to use. If you don't have one already for Credit Card Fees or Merchant Card Fees, then create one. Keep using that for all your merchant card service charges.

Reply to
S.M.Serba

The first answer is correct. If your invoice is for $30, you Receive Payments for $30. You don't need any Discount. The customer really DID pay the full $30. It's just that the CC processor took some of the payment. So select the $30 payment from the list to deposit and it will bring up the Make Deposits screen. Then you need to add another line and select your CC Fees expense and then enter the amount charged $2 as a MINUS amount to reduce the amount that actually went into the bank. It also expenses the fee.

Reply to
Joey EA

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