Hi, @Jenny04.
Thank you for sharing this valuable information and helping other users in the Community.
Your resolution for matching sales receipts with greater value to bank deposits with lesser value due to fees can apply to the original post of @ISSEP. I couldn't agree more. Allow me to chime-in into this conversation and add further on this.
In QuickBooks Online (QBO), the recorded transaction must be of the same amount and date as the downloaded transaction to match them. In some cases where the downloaded transaction is of a different value than the recorded transaction because of fees involved, we can sometimes utilize the Resolve difference feature on the Find match window. As ISSEP stated rightly, this situation only applies when the downloaded transaction is greater than the recorded deposit.
For cases when there are fees involved that reduce the value of the sales receipt, we can consider setting up a service line item on the Products and services page. As you shared, here's the technical input for this:
- In the Products and services page, select New.
- Choose Service.
- Enter a name (e.g., Processing fee).
- Enter the fee in the Sales price/rate field as a negative amount.
- From the Income account drop-down menu, choose an appropriate expense account.
- Select Save and close.
- Edit the sales receipts and add the created processing fee as a line item.
- Proceed to match transactions.
Another way to include fees in a sales receipt is to create a bank deposit for the sale and add the fee in the Add funds to this deposit section. Here's how:
- Go to the +New button and select Bank deposit if a bank deposit hasn't been created yet. If a bank deposit has already been created, proceed to Step 3.
- Select the sales receipt you want to match with the downloaded transaction.
- Scroll down to the Add funds to this deposit section.
- Enter the fee as a line item.
- Select who the fee was from.
- Select the appropriate expense account from the Account drop-down menu.
- Enter the amount fee as a negative number. For example, if the fee was US $5.25, enter –5.25.
- Review the deposit total with the bank fee.
- Select Save and close.
- Proceed to match transactions.
After matching and categorizing transactions, let me add these guides about reconciling accounts in QBO:
Your help is always appreciated in the Community. We'll be here if you have further concerns about handling customer payments and questions about matching transactions in QBO. Have a great day ahead!
