Like most marketplaces, Kinnek deducts all associated fees (commission and payment processing fees) from your customer's payment before the funds are deposited into your bank account. You can easily account for these fees in Quickbooks.
Here’s how to do it in three steps.
Step 1: In Quickbooks, create a sub-account to allocate these fees to.
If you haven’t already, you’ll want to create a sub-account, often referred to as a “merchant fees” account, where you will allocate the fees.
Step 2: When a sale occurs, review the transaction details from Kinnek.
Congrats! You have a sale. Once a customer has paid you via Kinnek Pay, we will send an automated email that includes the details you need to know to close the sale in Quickbooks. If you miss it, you have 24/7 access to this information in your Kinnek Pay Dashboard.
Step 3: Write off the fees in the ‘underpayment’ box in Quickbooks.
When entering the payment in Quickbooks, you’ll want to include the payment amount received - “your earnings”. To account for Kinnek's fees, select “write off the extra amount” radio button within the ‘Underpayment’ box. In the box that appears, select which account you want to write off the amount to. Hit save and you’re done!