The Goal: Record your GrowthZone Pay transaction fees in QuickBooks so the deposit in your accounting software matches the amount GrowthZone Pay actually transferred to your bank.
Before You Begin:
- No GrowthZone configuration is required. The GrowthZone half of this task is exporting your journal entries; everything after that happens inside your accounting software.
- The QuickBooks steps below describe the desktop version. QuickBooks Online, Peachtree and other packages follow the same shape. GrowthZone does not maintain screenshots of other vendors’ software — for current QuickBooks screens, follow the Intuit link in step 2, which Intuit keeps up to date.
- The rule that makes this work: the transaction fee is entered as a negative line item. GrowthZone Pay transfers the net amount to your bank, so the deposit you record has to be reduced by the fee to match.
Why the numbers differ
A member pays you $100. GrowthZone records a $100 payment. GrowthZone Pay keeps its processing fee — say $3.00 — and transfers $97.00 to your bank. If you record a $100 deposit in QuickBooks, your books will be off by the fee. Adding the fee back as a −$3.00 line brings the recorded deposit to $97.00, which is what your bank statement will show.
Step-by-Step Instructions
In GrowthZone
- Export your detailed IIF file as described in Exporting Journal Entries for QuickBooks Desktop.
NOTE: When creating the Journal Entry Export file, select Exclude Deposit Transactions for the Deposit choice. If you leave deposit transactions in, the deposit is recorded twice.
In QuickBooks
For the current screens and Intuit’s own guidance, see Intuit QuickBooks Support — specifically Choose where to record payments and processing fees for QuickBooks Payments.
- Import the IIF file you exported in step 1.
- Go to Banking, Make Deposits (or click Record Deposits on the Home screen).
- Click the Payments button to list all undeposited payments, including the ones brought in by your journal entries.
- Tick the payments that belong to this deposit, then click OK.
- On the Deposit screen, add a new line item for the transaction fee:
- Account: an expense account for processing fees — Bank Service Charge is the usual choice.
- Amount: the total transaction fee for that deposit, entered as a negative value.
Verify in GrowthZone
- Check your QuickBooks deposit total against the transfer GrowthZone Pay actually made. In GrowthZone, go to Finance, Billing section, click Dashboard. In the Reports panel, under Credit Card Processing, click GZ Pay Transfers Report. Set a Date Range covering the transfer and click RUN REPORT. The report opens in a new browser tab.
NOTE: The report’s Amount is the net figure transferred to your bank; Gross and Fees show the two halves that make it up. Your QuickBooks deposit total should equal Amount. For a line-by-line breakdown, use GZ Pay Transfers Details Report instead.
Common Pitfalls
- Entering the fee as a positive amount: transaction fees must be a negative line item, or your deposit total will be higher than the amount GrowthZone Pay transferred.
- Including deposit transactions in the export: select Exclude Deposit Transactions for the Deposit choice when creating the Journal Entry Export file — otherwise the deposit is recorded twice.
- Looking for a “Bank Account Deposits/Transfers” report: that report name no longer exists. Use GZ Pay Transfers Report under Credit Card Processing on the Finance Dashboard.
- Comparing against Gross instead of Amount: Gross is the total before fees. Your bank deposit matches Amount.