I have a new SaaS product, and doing 3k per month revenue at the moment. I want to make sure I'm properly recording the revenue, as well as expenses for credit card processing fees.
My merchant account deducts their percentage fee before the revenue ever gets deposited into my business checking account. So if a customer pays me $100, then only ~$98 gets deposited into my bank account because of the credit card fees.
Do I have to record a revenue of $100 and a $2 processing fee as an expense?
Or, can I just record a revenue of $98 and leave it at that?