How do I account for credit card fees in QuickBooks?
Let me walk you through the steps:
- Click on the Plus icon.
- Select Invoice.
- Select the name of the Customer.
- Under the transaction details, enter the original invoice amount.
- Add another line and enter the credit card processing fee amount and indicate it on the description field.
- Then Save.
What are QuickBooks Credit Card Fees?
INTUIT QUICKBOOKS PAYMENTS STANDARD PRICING SCHEDULE (U.S. only)
|Plan Type||QB Payments Non- Monthly||QB POS Payments|
|Swiped Rate-Credit/ Debit Card||2.40%||2.30%|
|Keyed Rate- Credit/ Debit Card/PayPal*||3.40%||3.20%|
|Pin Debit Rate||N/A||1.00%|
4 more rows
Are credit card fees an expense?
If you have a business credit card and use it for business-related purchases, you can qualify for several different deductions. For one, all interest paid on the card is fully deductible. If you are assessed an annual fee, late charges, or a host of other fees, those are also fully deductible.
How do I categorize credit card interest in QuickBooks?
- Click the Plus icon at the top, then choose Expense.
- Select a Payee, then choose Credit Card account for the Payment account.
- Enter Payment date and Payment method.
- Under the CATEGORY column from the Category details, choose your Interest Expense account.
- Enter the amount of the interest charge.