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Home   Help with Intuit Products   Ask the Expert Event   Ask the Expert: Michelle Long (Archived)  
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05/24/2012 at 04:51PM PDT
Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.
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04/01/09 1:39pm PDT
Viewed by asker 04/02/09 4:27am PDT

Merchant Account Fees and Invoices

US QuickBooks Pro for Windows : 2007

How do I account for merchant processing fees deducted before deposited in my bank? The invoiced amount doesn't match the monies received. I don't want to use the 'discount' field, because the client is paying the full invoiced amount -- I'm not giving him a discount.

To summarize: customer has outstanding invoices for $10,000. He pays $3,000 towards them using a credit card -- my net is $2,900. (To further complicate matters, the amount paid doesn't match the invoices -- he's merely paying down what he owes).

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Michelle Long CPA
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04/01/09 5:34pm PDT
Best Answer - Chosen by the Community

Receive payment for the full amount ($3000). Then, when you are in the Record/Make Deposit window, on the next client select a from account "Merchant Fees' (or whatever expense account you use) and enter as a negative the amount ($100) deducted so the net deposit amount ($2900) matches the bank.

PLEASE mark this answer as solved or post additional questions. Thanks so much!!!

Michelle L. Long, CPA, MBA

Author of the book "Successful QuickBooks Consulting: The Comprehensive Guide to Starting and Growing a QuickBooks Consulting Business"

National Trainer for Intuit Trainer/Writer Network

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http://community.intuit.com/me...

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'How to Start a Home-Based Bookkeeping Business' http://amzn.to/jNk9Bg
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04/02/09 4:27am PDT

Thank you Michelle! That worked perfectly!

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03/06/10 5:39am PST

 This doesn't seem like it would record your taxable income properly. You never really received $3000, you only received $2900. Wouldn't this suggestion make it seem like you actually received $3000 and then paid $100? To the IRS, your taxable income is $3000 now, when it should be $2900. There must be another workaround.

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03/06/10 6:41am PST
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Exoticdvm--you received $3,000 from the customer and they need credit for having paid that amount and it is income.  You then 'paid' $100 in merchant service fees which is an expense.  Your 'net' income and net deposit is $2,900.  This is the proper accounting for this transaction.

Please post additional questions or else click SOLVED to close this thread. Thanks!

Author of the books 'Successful QuickBooks Consulting' http://amzn.to/lJqmb8 and
'How to Start a Home-Based Bookkeeping Business' http://amzn.to/jNk9Bg
www.LongforSuccess.com - my blog, resources, webinars & more

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