HI Sheena, you will have to set it up - it won't auto calculate. The most recent change is to the law in some jurisdictions to allow you to charge this to your customers.
@@MyCloudBookkeepingit’s not auto calculate for me either. And I set up just like you suggested. Just installed quickbooks yesterday and I’m learning please help me
If your items are taxed, do your CC fees include the taxed amount? If you keep the CC fees under your income account, do you have to pay sales tax on it when you file your quarterly sales tax report?
You select the tax that applies to the credit card fees - if you charge tax on the fee and collect it from your customer then you will have to submit that tax. If there is no sales tax on the fee and you don't charge it, you won't need to submit it. It will depend upon the sales tax rules where you live. Hope that helps!
Hi Lisa, that is entirely up to you and your accountant - I personally am happy to have it show as a deduction from the cost, and would not want to include it in my income that I am monitoring for gross profit etc. Hope that helps.
Thank you, and I would like you to explain the transactions of the expense part deducted in P&R
I will consider that for an upcoming video - thank you for your suggestion!
I got really excited about this, but I know there has been some recent updates and this process is not auto-calculating for me.
HI Sheena, you will have to set it up - it won't auto calculate. The most recent change is to the law in some jurisdictions to allow you to charge this to your customers.
@@MyCloudBookkeepingit’s not auto calculate for me either. And I set up just like you suggested. Just installed quickbooks yesterday and I’m learning please help me
If your items are taxed, do your CC fees include the taxed amount? If you keep the CC fees under your income account, do you have to pay sales tax on it when you file your quarterly sales tax report?
You select the tax that applies to the credit card fees - if you charge tax on the fee and collect it from your customer then you will have to submit that tax. If there is no sales tax on the fee and you don't charge it, you won't need to submit it. It will depend upon the sales tax rules where you live. Hope that helps!
Mine is showing up as a negative (Expense) amount on the P & L. Are you saying that is ok vs showing as income?
Hi Lisa, that is entirely up to you and your accountant - I personally am happy to have it show as a deduction from the cost, and would not want to include it in my income that I am monitoring for gross profit etc. Hope that helps.
Good job