Merging payments
hannahplews
Member Posts: 1
Hi guys, I'm new to accounting software and have an issue you may be able to resolve. When I mark an invoice as paid, let's say its $60 that payment is logged but my customer paid with a credit card so I only get say $57 ish which shows on my uploaded bank statement. I would like to merge these two payments and assign the difference as bank fees but it won't let me. What is the solution?
1
Comments
I know they're working on making this a little easier (don't know the details tho) but for now, you'll just have to delete the $57 transaction and add an expense for the bank fees. So you'll have one income transaction for 60 bucks and an expense for ~3 dollars.
Makes sense, @hannahplews?
Same issue here - I was able to do this in the old version of Wave, now it seems it does not work since the software does not allow you to assign an expense account to a deposit transaction in the bank feeds, or make a negative entry in a split for that matter.
My issue is that I am getting daily credit card batches from a third-party credit card processor that removes the merchant fees from the credit card batches daily before depositing the batch in the bank account. So if the credit card processor deposits $300, my sales were actually more like $305 or $310. To accurately report sales and bank fees, it would be very helpful to be able to split out bank fees from each transaction. QBO always let me do this with ease.