In addition, refer to this article that provides you an overview of the fees and plans for QuickBooks Payments: What are the fees for QuickBooks Payments?. For more details about this one, check out this link: Credit card processing. The transaction fees also include a credit card processing service, set up and monthly service fees, discount rates, per authorizations fees, and others. This means, there will be a payment charge of 2.9% of the total amount + 25c per transaction when your client pays the invoice (using the link that's attached to it). However, fees are drafted when signing up with Payments. You can send your invoices in QuickBooks Online (QBO) for free. You will see the Expense Account and Expense Category from TaxDome selected in step 3, as the Payment account and Category in the expense details on QuickBooks.Let me share some information about transaction fees, larimhd. Go to the Expenses and click on an expense transaction to view the details. Once done, you will find your Stripe processing fees for online payments in QuickBooks. Choose the Commissions & fees (Expense) from the Expense Payment Category dropdown.ĥ. Notice that the dropdown only displays Bank and Credit Card expense accounts.Ĥ. Bank Charges) in the Expense Payment Account dropdown. Select the expense account you created in the previous step (e.g. In the Stripe Fee section, turn on the Create expenses for Stripe fees toggle.ģ. Navigate to your Settings page from the left sidebar, then select the Integrations tab and go to the QuickBooks subtab.Ģ. This can be done only by a firm owner or admin:ġ. Set up expenses for Stripe fees on TaxDome Go to Transactions, then to Chart of Accounts, click New, then be sure to create a Credit card account named, for example, Bank Charges and click Save and Close. To simplify accounting for these fees, add a new expense category according to the QuickBooks requirements. Stripe charges you a fee for processing credit cards. Go to Transactions, then to Chart of Accounts, click New, then create a dedicated checking account, named, for example, Stripe Bank Account and click Save and Close. This shows where the money to pay the expenses is coming from. When Stripe transfers funds to your actual bank account, you'll transfer those funds in QuickBooks from your Stripe bank account to your actual bank account. It’s a good accounting practice to create a new bank account in QuickBooks for the funds Stripe holds. Since Stripe maintains a balance of funds on their platform for your services, they act like any other bank account for your business. Because of this, QuickBooks may not find the proper transactions to match unless you do the following: This results in the payment amount on your bank statement being less than the payment amount in your QuickBooks Undeposited Funds account, where your TaxDome payments go. When a client pays you online, a Stripe processing fee is deducted from the payment. You don’t need to turn on this feature if using CPACharge. Stripe takes a fee for each individual transaction while CPACharge collects one monthly fee for all transactions. Note: This section is for Stripe secure credit card processing services only.
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