How to Calculate your monthly MB Payments Fees

Step 1: Download and Prepare the Payouts Report

1. Download the Report:

• In Mindbody (MBO), click your name at the top right corner.
• Select Payments.
• Choose Reports on the left side.
• Select a start date and end date for your report.
• Click View.
• Click Export.
• Open the .csv file.

Tip: Do this in the first week of each month to capture all transactions from the previous month.

2. Adjust the Fees Column:

• Ensure all values in the "Fees" column are negative.

• Typically, values with the type "Mindbody App | Transfer" are positive and need to be converted to negative.

Conversion Steps:

1. Use the formula =ABS(cell) to get the absolute values of the numbers in the "Fees" column.

2. Use the formula =cell*-1 to convert these absolute values to negative.

3. Copy and paste the converted values back into the original "Fees" column (only the values, not the formulas).

3. Calculate Monthly MBO Fees:

• Based on the "INITIATED DEPOSIT DATE" column, add up all the numbers in the "Fees" column to calculate the total amount of fees for your selected time period.

Step 2: Record the Expense in QuickBooks

1 Create the Expense in QuickBooks Online (QBO):

• In QBO, click the "+ New" button.
• Select Expense.
• For Payee, select "MBO Fees" (if it doesn't exist yet, create one).
• For Payment account, select "Credit Card Processor".
• For Category, select "MBO Fees" (if it doesn't exist yet, create one using Account Type: Expenses, Detail Type: Bank Charges).
• Enter the total amount of fees calculated above.
• Use the last date of the month for the expense date.

Click here to watch the quick video walkthrough.

Tip: It’s best to create the monthly MBO Fee expense during the first week of the following month. For example, you can create the August 2024 MBO Fee expense in the first week of September.