Credit Cards are the easiest way to make the payments. But, do you know that by using the Credit Card, a small amount of money is deducted from your account?
You need to keep a record of the amount deducted from your account. For this, you can use QuickBooks by adding the Credit Card fee to QuickBooks.
You can add the Credit Card processing fee to the QuickBooks with the Get Paid and Pay Method or Expense Method.
A detailed step-by-step guide for both methods is explained later in this article.
How To Add Credit Card Fee To QuickBooks Intuit?
If you create a service item and manually add it as a line item to your customer’s invoice, you can charge them the credit card processing fee. You have two methods to add the credit card fee to the QuickBooks.
Method 1: Get Paid And Pay Option
- Open the QuickBooks window
- Navigate to the left panel
- Choose the Get Paid and Pay option
- Navigate the Products and Services tab
- Tap on New> Service
- Type the name of your service item
- Choose the account you want to use to track the processing fee under the Income Account drop-down menu
- Then, tap on Save and Close
Method 2: Expense Option
- Go to the QuickBooks left panel
- Tap the “+” symbol
- Choose the Expensive option under the vendors
- Enter the Payee data
- Add the Account from which you will be paying the charges
- Type the date of payment along with the credit card
- Include the name of the expense from which the payment takes place from the category tab
- Enter the total amount under the amount option
- Tap on the Save and Close button
How To Add Credit Card Fee To Invoice In Quickbooks Online?
Here are the steps to add the credit card fee to the invoice in QuickBooks Online-
- Open the customer’s invoice or you can create a new one
- Choose the fee item from the Product/Service drop-down menu
- Add a note about the fee from the Message/invoice section
- Tap Save and Send or Save and Close
How To Record Credit Card Processing Fees In QuickBooks Online?
To record the credit card processing fee in QuickBooks online, follow these steps for that-
- Go to the left panel of the QuickBooks
- Click the “+” button
- Select the “Invoice” button and enter the exact amount that has to be recorded
- Save it and go back again to the Invoice tab
- Click the Receive Payment option
- Select the Right Invoice from here
- Go to the field of “Deposit To”
- Click Undeposited funds
- Enter the Invoice details correctly
- Click on Save and Close
How To Record Credit Card Processing Fee In QuickBooks? [Bank Deposit Method]
Another method to record the Credit Card processing fee in QuickBooks is by using the Bank Deposit. Here’s how it’s done-
- Navigate to the QuickBooks Home screen
- Click the “+” icon> bank deposit
- Go to Select the Payments Included in the Deposit tab
- Then, go to Add Funds to this Deposit section
- Head towards the Received option and type the QuickBooks Credit Card processing fee
- Enter the Credit Card fee under the account section
- Make sure to enter the charges of the Credit Card in the negative
- Click the Save and Close button
How To Record QuickBooks Credit Card Processing Fee? [Charged From Clients]
The customers who are using the Credit Cards for making the payments will also have to pay the charges. With these steps, you can record the credit card processing fee received from the customers.
- Open the QuickBooks
- Tap the “+” icon
- Choose the Receive Payment option from the customer’s list
- Set up the date on which the processing fee is charged
- Include the processor of your customer’s credit card under the payment method
- Type the Reference Number and Deposit to Fields
- Tap on the Save and Close button
How To Edit/Add Credit Cards In QuickBooks?
QuickBooks can be selected for Visa, American Express, or Master Credit Cards by default. However, you can change the Credit Cards payment method in the QuickBooks with the following steps-
- Go to QuickBooks and open its Settings
- Navigate to All Lists option
- Choose the Payment Method list
- Click on New
- Include the Details of the Credit Card
- Select Credit Card from the Payment Method type
- Click Save and the new payment method is added
Frequently Asked Questions
How Do I Add A 3% Fee In QuickBooks?
Steps to add the service fee to QuickBooks- Go to Sales> Invoices> Choose the Invoice you want to add> Edit Invoice> Select the service fee you created> Review and Send.
How To Avoid QuickBooks Credit Card Fees?
QuickBooks Credit Card fee calculator calculates the fee for the credit card and you cannot avoid the QuickBooks Credit Card fees.
How To Add Merchant Fees In QuickBooks Online?
Steps to add the Merchant fees in QuickBooks Online- Go to Accounting> Select Chart of Accounts> Tap on New> Create an Expense for Bank Charges from the Account dialog> Hit the Save and Close option.
How To Turn On Convenience Fee In QuickBooks Online?
For this, you have to go to the Products and Services tab. From there, click the option to activate the Convenience fee.
To maintain the proper records of your Credit Card amounts, you can set your Credit Card in QuickBooks. With the steps mentioned above in this article, you can easily add the Credit Card fee to QuickBooks and record them easily.
Nyra handles business research, writing financial documents, news items, articles, and study materials about finances.