Recording Credit Card Fees In Quickbooks

For companies that are integrated with QuickBooks Online, you may have to track Time To Pet Payments or 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 Time To Pet Payments or WePay, Time To Pet will sync the entire payment to your QuickBooks Online account. When the funds are deposited into your bank account, the fees will be removed 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:

In This Article

Recording Credit Card Fees for Time To Pet Payments

Reviewing Fees

First, you need to account for the processing fees included in the deposit into your bank account. Deposits are referred to as "Payouts" in Time To Pet Payments. Time To Pet shows you a complete breakdown of all payouts in the Time To Pet Payments Report in the Payouts tab:

Reviewing Credit Card Fees

Each payout is listed and you can see a full report of the payout and can also download the report. To see a complete breakdown of an individual payout, 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:

Payout Reporting

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:

Creating A Deposit In Quickbooks

Then select the "Bank Deposit" option:

Quickbooks Bank Deposit Option

Next up, make sure 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 payout:

Quickbooks Bank Account Selection

You can then select the payments that are listed in the Payout Report. The Amount in the top right should match the "Gross Payments" found in the Payout Report:

Quickbooks Payout Report

The bottom half of the screen is where you can account for the Time To Pet Payment fees. Add a new deposit with the "Received From" set to Time To Pet Payments (you may need to create a new Vendor account for Time To Pet Payments 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:

Add New Deposits Screen Quickbooks

You can then review the data to ensure it matches up with the information from the Payout Report. Here is a snapshot of the total gross payments, fees, and payout amount from TTP:

Withdrawal Report Matching

You can then complete the Deposit created in QuickBooks. After ensuring the information matches, you can "Save and Close":

Quickbooks Deposit Screen

Matching Transactions

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.

Matching Transactions in Quickbooks

Recording Credit Card Fees for WePay

Reviewing Fees

First, you need to account for the processing fees included in the deposit into your bank account. Deposits are referred to as "Withdrawals" in WePay. Time To Pet shows you a complete breakdown of all deposits in the WePay Withdrawal Report.

Reviewing Credit Card Fees - Wepay

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:

WePay Withdrawal Report

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:

Creating a Deposit In Quickbooks

Then select the "Bank Deposit" option:

Bank Deposit Option In Quickbooks

Next up, make sure 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:

Bank Account Selection in Quickbooks

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:

Select Payments listed in 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:

Adding WePay Fees Quickbooks

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:

WePay Withdrawal Report

You can then complete the Deposit created in QuickBooks. After ensuring the information matches, you can "Save and Close":

Deposit Screen for Matching in Quickbooks

Matching Transactions

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.

Matching Transactions in Quickbooks for WePay

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