Before You Begin:
- This article links to Intuit's QuickBooks Support channel for guidance. No GrowthZone configuration is required.
Step-by-Step Instructions
To learn how to record fees in QuickBooks, refer to the Intuit QuickBooks Support channel — specifically the article: Choose where to record payments and processing fees for QuickBooks Payments.
Note: These instructions are for the desktop version of QuickBooks. The process is similar in QuickBooks Online, Peachtree, or other accounting software. When recording credit card fees, they should be entered as a negative line item in your software.
- Export and import 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.
- Record your deposit in QuickBooks: go to Banking, Make Deposits (or click Record Deposits on the Home screen).
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Click the Payments button to view all payments, which will include those brought over through your journal entries.
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Select the payments included in the deposit, then click OK.
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On the QuickBooks Deposit screen, add a new line item to record the transaction fee. Note: A typical account to select is a Bank Service Charge expense account. Enter the total transaction fee amount for that deposit with a negative value.
6. Verify that the bank deposit total matches the deposit total on the Bank Account Deposits/Transfers report.
In this example, the Journal entry for the deposit appears like this in QuickBooks.