Hey there, @ellen10. Happy to help out here. What I recommend is that you record the Invoice and Payment without any bank fees, then create a deposit from that payment, where you can deduct the bank fees. Check it out: Go to New (+), then Receive Payments, then enter all the payment information. Tick the checkbox next to the invoice you would like the payment to be applied to. Select Undeposited funds as the deposit to account. Choose Save to record the transaction. Go back to New (+), then Bank Deposits. You should see the payment you entered in the Select Existing Payments section at the top. Place a checkmark to select the payment you want to deposit. From the Add funds to this deposit section, enter the amount of the bank service fee charged to you by the credit card company as a negative amount. From the Account section, select the Expense account you usually use in tracking bank fees. Verify that the deposit amount is correct. Hit Save to record the transaction. That's it! You've just recorded your payment along with your bank fees in QuickBooks Online. You can also check out this article for an alternative to the above method: Record bank charges when receiving payment from customer Let me know if you have any other questions by using the Reply option below. I'll be here to help.

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How do you enter a payment that has bank fees deducted like a wire?

Forum|Forum|6 years ago
March 6, 2020
2 replies
92 views

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QuickBooks Online

Best answer by Michael K

Hey there, @ellen10.

Happy to help out here. What I recommend is that you record the Invoice and Payment without any bank fees, then create a deposit from that payment, where you can deduct the bank fees. Check it out:

Go to New (+), then Receive Payments, then enter all the payment information.
Tick the checkbox next to the invoice you would like the payment to be applied to.
Select Undeposited funds as the deposit to account.
Choose Save to record the transaction.
Go back to New (+), then Bank Deposits. You should see the payment you entered in the Select Existing Payments section at the top.
Place a checkmark to select the payment you want to deposit.
From the Add funds to this deposit section, enter the amount of the bank service fee charged to you by the credit card company as a negative amount.
From the Account section, select the Expense account you usually use in tracking bank fees.
Verify that the deposit amount is correct.
Hit Save to record the transaction.

That's it! You've just recorded your payment along with your bank fees in QuickBooks Online. You can also check out this article for an alternative to the above method: Record bank charges when receiving payment from customer

Let me know if you have any other questions by using the Reply option below. I'll be here to help.

Michael KAnswer

Level 4

Hey there, @ellen10.

Happy to help out here. What I recommend is that you record the Invoice and Payment without any bank fees, then create a deposit from that payment, where you can deduct the bank fees. Check it out:

Go to New (+), then Receive Payments, then enter all the payment information.
Tick the checkbox next to the invoice you would like the payment to be applied to.
Select Undeposited funds as the deposit to account.
Choose Save to record the transaction.
Go back to New (+), then Bank Deposits. You should see the payment you entered in the Select Existing Payments section at the top.
Place a checkmark to select the payment you want to deposit.
From the Add funds to this deposit section, enter the amount of the bank service fee charged to you by the credit card company as a negative amount.
From the Account section, select the Expense account you usually use in tracking bank fees.
Verify that the deposit amount is correct.
Hit Save to record the transaction.

That's it! You've just recorded your payment along with your bank fees in QuickBooks Online. You can also check out this article for an alternative to the above method: Record bank charges when receiving payment from customer

Let me know if you have any other questions by using the Reply option below. I'll be here to help.

E

ellen10Author

Thank you!

I

ibizconsult

Hi - I've been following the steps that you recommend in your post. When I do, the deposit shows correctly, net of the fees.

At the same time, I then have separate debits for those same fee amounts which show up as payments in the bank reconciliation (duplicates) that I then have to delete.

Not sure what is happening here.

thanks.,

QBProadvisor - Andrea

R

Rasa-LilaM

QuickBooks Team

Hello there, @ibizconsult.

Thanks for following the steps shared by my colleague and letting us know of the result. Allow me to help you find where the duplicate payments came from.

Before proceeding, let me share some information on why there are separate debits for the same fee on the bank reconciliation This can happen when fees are added twice.

For example, there’s already one entered in the bank register. Then another fee is recorded in the Service charge section on the Reconciliation page.

In QuickBooks Online, there's a way to see who made changes to your account. The Audit Log Report gives you a clearer picture of your transaction history.

Opening the report will only take a couple of minutes. I’m here to show the steps.

Go to the Gear icon at the top of your company to choose the Audit Log.
Click on the drop-down for Filter to sort the data.
In the Events section, make sure to select the Show All Events option and tap the Apply button.
Hit the View link to check who added the entries.

For more details about the feature and how it can help your business track any type of change or event in the company file: Use the audit log in QuickBooks Online.

Additionally, I'm adding a link that contains detailed instructions on how to include a service fee for products or services you sell to customers: Add service fees manually to invoices.

Keep in touch if you need assistance entering a payment with bank fees. I’ll jump right back in to help and make sure you're taken care of. Enjoy the rest of the day.

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