Transaction Fee Syncing

When syncing payments to QuickBooks Online from WooCommerce, we support syncing transaction fees for any WooCommerce gateway that records them in the WooCommerce order. Stripe and PayPal are both well-known for doing an excellent job recording fees in the WooCommerce Order.

Transaction Fees are normally synced to QuickBooks as a separate journal entry, removing the funds from your bank account and adding the funds to your transaction fee expense account. 

NOTE: If your gateway batches your payments on a daily basis and deposits them into your bank account, read our Batch Deposit Support Overview on how to configure this, as transaction fees are recorded differently with batch support. 

NOTE: If you are using PayPal, we recommend NOT syncing transaction fees through our integration, as PayPal automatically pulls them into your Banking Feed in QuickBooks when you connect your PayPal account. This is the most efficient and effective way to record transaction fees. You can read more in our Handling Transaction Fees with PayPal article.

Here is an example of where Transaction Fees are normally stored in an order, where our integration can read and sync them to QuickBooks Online:

 

As long as your payment gateway stores transaction fees in this method, you can turn on Transaction Fee syncing in Map > Payment Methods.

  1. Visit MyWorks Sync > Map > Payment Methods.
  2. Click Show Advanced Options in the top right.
  3. Turn on Transaction Fee Syncing and choose an Expense account in QuickBooks to record these fees to.

Updated on January 23, 2018

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