Learn how to record a bank service fee while using a third-party merchant service in QuickBooks Online.
If you are using a third-party merchant service for accepting credit card payments from your customers, there are bank service fees that the credit card company will deduct from the payment. As a result, the payment amount that shows on the bank register will not match the deposit amount in QuickBooks Online.
Once the transaction is recorded and you know the bank service fee, you can enter the fee as a negative amount on the Bank Deposits screen when depositing a payment. This ensures that your bank register matches the bank statement.
Record a bank service charge as a negative amount
- Select + New.
- Select Receive Payments, then enter all the payment information.
- Select the checkbox next to the invoice you would like the payment to be applied to.
- Select Undeposited funds as the deposit to account.
- Choose Save and close to record the transaction.
- Select + New.
- Select Bank Deposits. You should see the payment you entered in the Select Existing Payments section at the top.
- Place a checkmark to select the payment you want to deposit.
- From the Add other funds to this deposit section, enter the amount of the bank service fee charged to you by the credit card company as a negative amount.
- From the Account section, select the Expense account you usually use in tracking bank fees.
- Verify that the deposit amount is correct.
- Choose Save and close to record the transaction.