PayPal Credit. Merchant Services. PayPal Basics. Tax Information. The fee is automatically deducted from the amount that you receive. Fees may occasionally change. To see the latest fees, click Fees at the bottom of any page. Did this help?

In this tutorial I’m going to show you how to enter a deposit when the amount received is less than the invoice amount. This can happen usually when there’s a bank fee, or perhaps a merchant account fee. Let’s go over how to enter Paypal fees and merchant fees in QuickBooks Online. You can watch the video here: First it’s important to know that the amount we record in the Receive Payment window should be the full amount of the invoice.

In this case I am going to record a payment form for Bill’s Windsurf Shop for the full invoice amount of $85. Then I’m going to save and close. And now I’m going to record the deposit. Click the Quick Create Menu, select Bank Deposit.

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In this example let’s assume that the actual amount received is $80 and invoice amount is $85. There’s a bank fee or merchant account fee that I need to record. In this example for Bill’s Windsurf Shop, the amount shown is $85, so we need to get it down to $80.

The way to do that is to go to “ Add New Deposits” and select Bank Charges from the drop down box, then enter a negative $-5. You will notice that the amount displayed is now down to $80. This matches the actual amount received. Click Save and Close. This method could also be very useful when you use Paypal account when you need to record Paypal fees. In this example I’m going to create a new account for Paypal fees.

By doing this, when we look at the transactions the amount of the invoice and the amount of the payment are the same amount so the customer Account Receivable will correctly show that this invoice was paid and the bank account will correctly show the deposit of $80. Its not as hard as you think it is.

You have just learned how to enter Paypal fees and merchant fees in QuickBooks Online. For more tutorials like this be sure to subscribe to this blog and my to get more QuickBooks Online Training Videos. If you need expert help,. Hi, I'm Veronica Wasek. I am an Accounting Influencer, Top 10 QuickBooks ProAdvisor, a CPA, and a Certified Advanced QBO ProAdvisor. I am truly passionate about helping entrepreneurs and bookkeepers to minimize bookkeeping and maximize profits.

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Hi All, New to Quickbooks and my first of many posts. I am using QB Pro 2011. I run a small company selling on eBay and receiving payments through paypal, my question is as follows: 1, Where do I show the paypal fees? Photoshop for mac osx free. I generate an invoice of for example £170.00, client pays £170.00 through paypal, paypal deduct £6.83 as their fee, I transfer the remainder of £163.17 to my business bank account. When I go to deposit amount in quickbooks it shows the full amount of £170.00, do I need to add the £6.83 as an expense, in which case how to I relate it to that clients invoice. Many thanks in advance.I am no accountant Kind Regards Max.

I do it slightly differently. Invoice the customer the full amount ($100) Paypal will show a $100 receipt and a fee of $8 (giving me a nett $92) I then process a payment for the full amount ($100) so the customer account is now OK (the invoice and payment amount match) I then raise a journal for the $8, debit Bank service charges and credit bank account. At the end of the day, the customer doesn't care about the paypal fee, and it doesn't show on any of his paperwork. The fee is only between me and paypal. Maybe create an account (same as bank service charges) specifically for paypal fees if you want to. I invoice the full amount and, in turn, receive and credit the full amount against that invoice with funds going into Undeposited Funds. I then begin a deposit transaction by selecting the Paypal payment in the Payments to Deposit window and click OK.

In the Make Deposits window, on the line below the payment, in the From Account column, I enter the expense account for the Paypal fee and in the Amount column I enter the fee as a negative number. This method posts the fee to the proper account, and balances the deposit to the Paypal account. Hope this helps, and have a great weekend.