Recording WePay Fees In Quickbooks
For companies that are integrated with QuickBooks Online, you may have to track WePay fees when matching transactions in your QuickBooks account (especially if you have your bank account connected to QuickBooks). When a client makes a payment through WePay, Time To Pet will sync the entire payment to your QuickBooks Online account. When WePay deposits the money from the payment(s) into your bank account, they will remove their fees prior to making the deposit. In order to properly match the transaction, you will need to create a Bank Deposit in QuickBooks and account for the fees. Here is how to do this:
First, you need to account for the processing fees and the withdrawal (what WePay calls a deposit into your bank account). Time To Pet shows you a complete breakdown of all withdrawals as well as all of the fees that WePay has reserved in the WePay Withdrawal Report.
Each withdrawal is listed and you can see a full report of the withdrawal and can also download the report. To see a complete breakdown of an individual withdrawal, including the payment date, the client name, the gross amount of the payment, the fees, and the net amount that is being deposited into your bank account, select the "Full Report" button:
Creating A Deposit In QuickBooks
This is the information needed to create a Deposit in your QuickBooks account. You can create a Deposit in QuickBooks by clicking the "+" icon in the top right corner of the QuickBooks dashboard:
Then select the "Bank Deposit" option:
Next up, make sure the the Bank Account listed in the top left is the same Bank Account the money will be deposited into. Also set the date to match the date from the withdrawal:
You can then select the payments that are listed in the Withdrawal Report. The Amount in the top right should match the "Gross Payments" found in the Withdrawal Report:
The bottom half of the screen is where you can account for the WePay fees. Add a new deposit with the "Received From" set to WePay (you may need to create a new Vendor account for WePay the first time). Set the "Account" to whatever account you track merchant service fees with. If needed, you can also create a new account titled "Merchant Service Fees" as well. Lastly, set the amount to the total amount of the fees. This should be a negative number since the fees are being withheld from the Deposit. After adding these fees, you will see that the "Amount" in the top right is updated to reflect them:
You can then review the data to ensure it matches up with the information from the WePay Withdrawal Report. Here is a snapshot of the total gross payments, fees, and withdrawal amount from TTP:
You can then complete the Deposit created in QuickBooks. After ensuring the information matches, you can "Save and Close":
After saving the Deposit, you can match the deposit made into your bank account with the deposit just created. Navigate to the Banking section of QuickBooks, find the transaction, and select "Match". You can also review the transaction to ensure it is matching correctly to the Bank Deposit you created. For more information on matching transactions in QuickBooks, review their help documentation.