How to reconcile Venmo fee on Invoice
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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?
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in Using Wave
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Hello? Anyone check these?
@JamieD any ideas?
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.
I found it here:
https://support.waveapps.com/hc/en-us/articles/115000472306-How-to-account-for-transaction-fees