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Merchant Fees

Posted by Cindy H 
Merchant Fees
November 25, 2014 01:29AM
I have two questions...
When a customer wants to pay with a credit card, we charge a 3% service charge after the tax has been added. How do I add this to an invoice after the tax. I already created an account called merchant services, under "Costs of Goods Sold". Is that the correct account type since we actually pay out that 3% to our merchant services provider?
Re: Merchant Fees
December 03, 2014 08:08PM
Hello Cindy,

First, set up an Other Charge item called 3% CC fee, you put the correct wording in the description, link it to either the Cost of Goods Sold account. Then on your invoice add the 3% item in the last line and in the price field you hit the + bar, which turns any numeric field into a calculator with ribbon, and multiply the total after tax by .03 and hit enter. You will have to delete any numbers more than 2 digits after the decimal.

Unfortunately you can't automate the calculation on invoices which charge sales tax because the sales tax shows below the item fields.

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