This guide will walk LeanLaw Payment's users through the process of accounting for credit card payment surcharges when clients use the payment link, stored payment method, or payment plan.
Note: If you've elected not to pass surcharges on to your client, you can skip this guide.
Steps for Surcharge Accounting in LeanLaw:
Payment Initiation: The client pays the invoice either through a provided payment link, stored payment method, or automatically via subscription/payment plan.
Important: If a stored payment method or payment plan was utilized, ensure you record a payment on the invoice in LeanLaw before proceeding further.
Payment Recording: LeanLaw will automatically create a payment entry in QuickBooks for the exact amount of the payment. This payment is initially recorded under the "Undeposited Funds" account.
Gravity Legal Deposit Notification: The deposit from Gravity legal will be visible on your QuickBooks bank feed. This amount reflects both the invoice payment(s) and any additional surcharges.
Tip: Stay informed by checking your email for receipts from Gravity or actively monitoring the deposit arrivals through the bank feed.
Creating a New Deposit in QBO:
Navigate to the deposit section in QBO.
Create a new deposit entry, ensuring it's dated the same day the payment was made by the client.
Identify and select payments you wish to associate with this bank deposit. You can reference the payments listed on the deposits screen in Gravity Legal for accuracy.
Manually add the surcharge fee to this bank deposit. Click on "Add funds to this deposit" and input the fee amount as detailed on the Gravity Legal deposits screen. Ensure you select the GL surcharge account for this fee entry.
Choose the operating account as the final destination for this deposit.
Click on "Save and Close" to finalize the deposit entry.
Matching the Deposit with Bank Feed:
After saving the deposit, you might need to refresh your bank feed page.
Once refreshed, you'll notice a suggested match for the deposit on the bank register.
Click on "Match" to align the bank feed entry with your manually created deposit.
Conclusion: Following these steps ensures that your books reflect the actual amount deposited into your bank account while separately accounting for any surcharges passed on to clients. Always cross-reference with Gravity Legal's deposit screen to ensure accuracy. If you need additional assistance, please reach out to our support team.