Processor fee
What Stripe, Square or PayPal keep from a card payment. Booked as an expense so revenue stays gross.
In Solo Superstars
Split out automatically on card payments through the payment link. The platform’s own small fee is booked separately to 6011 so both are visible on the Income statement.
Because revenue is recorded at the full amount the customer paid and the fee is a separate expense, your sales figure will be higher than what reached the bank. That is expected: the difference is the fee, and it shows on its own line so you can see what card processing costs you.
The fee is counted on the same day as the payment on both the Cash and Accrual views.
Example
$1,200 payment, $36 fee: debit 1310 Stripe Clearing 1,164, debit 6010 Bank Charges 36, credit 1100 1,200.
A Harbor Lane Coffee customer pays $100 by card. The processor keeps $3 and deposits $97. The Income statement shows $100 of sales and $3 of Bank Charges; the bank shows $97. All three numbers agree.
Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the full default chart.
Also called
- card fee
- merchant fee
- transaction fee
Related
- 6010 Bank Charges — Bank service fees, wire fees and card-processing charges. Where Stripe and Square fees land by default.
- 6011 Platform / Software Fees — Solo Superstars’ own application fee on Stripe Connect payments, kept apart from bank charges so you can see it.
- Processor fee gross-up — When a bank deposit is net of fees, the app records the full sale and the fee separately instead of a smaller sale.
- Processor payout — A deposit from Stripe, Square or PayPal that bundles several customer payments minus fees. Matching it empties the clearing account.
- Chargeback — Money a card processor takes back from you after a customer disputes a card payment with their bank. Usually comes with a separate dispute fee.