QuickBooks small business accounting software not only helps in handling the accounting operations but also takes care of the productivity of the business owner. The software is embedded with highly productive features of invoicing, track income & sales, recording payments etc.
If you invoice a client for $X and they pay you via PayPal, a part of that is taken away as PayPal fees. If you record the amount received of $X in QuickBooks, then it will show your bank account balance incorrectly. Thus to portray correct balance you would need to create Merchant Fees. Record the customer’s payment, and then pay X dollars into the expense account, thereby taking it from your bank account. This will allow you to see exactly where your money is going.
Merchant account fee within QB for credit card acceptance helps an organisation to charge customers. The same amount then gets accumulated by the provider in merchants account.
You can charge your customers card in many different ways. The merchant within, only charges a small fee for the services provided. On top of the standard fees charged, a merchant also charges a monthly fees as well, these are generally the maintenance charges. For accounts that generally have high volume entries are charged more but sometimes smaller businesses often feel the heat.
(Eg. Just for the sake of this example let’s say that you have received $80 in total and having an invoice amount of $85 that needs to be recorded as bank fee and the merchant fee. Thus now the working will go like this:)
Though recording merchant account fees in Quickbooks is a bit tedious for beginners but the process ultimately is simple. Having a merchant account maintained within the program can bring a big difference and can further help you, in easily reconciling transactions with your bank.
Hope you were able to sort out your issue related to merchant accounts, but if there is any problem that you still might face then you can get in touch with us now. Our Quickbooks proadvisors will guide you on every step no matter how big or small it will be.
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