How to reconcile Venmo fee on Invoice

PartySizeCycling

I have customers that I invoice that I allow to pay with Venmo. Venmo takes $.10 plus 1.9% which is better than most CC processing. The question I have is how do I reconcile the invoice? When I transfer the Venmo payment to my checking account I put it against the invoice, but it still shows that remaining amount as outstanding. How do I get the invoice to show as paid without altering my invoice amount?

PartySizeCycling

Hello? Anyone check these?

PartySizeCycling

@JamieD any ideas?

SenoraNegra

I do it by splitting the Venmo transaction. For example, if the customer pays $20, then I get $19.52 and Venmo takes $0.48. So I put it in Wave as a transaction for $19.52, then hit "split" and make it $20 for payment of such-and-such invoice number and $0.48 as processing fees.

PartySizeCycling

@SenoraNegra said:
I do it by splitting the Venmo transaction. For example, if the customer pays $20, then I get $19.52 and Venmo takes $0.48. So I put it in Wave as a transaction for $19.52, then hit "split" and make it $20 for payment of such-and-such invoice number and $0.48 as processing fees.

Thanks, I ended up doing something kind of similar. I created a product for each different merchant account processing fee and put it into it's own income account. At the end of the month I journal the amount in that account over to the Merchant Accounts expense account and that seems to be working so far.

DoveFeather64

I found it here:

https://support.waveapps.com/hc/en-us/articles/115000472306-How-to-account-for-transaction-fees