It's nice to have you in the Community, keyestates. QuickBooks Online aims to provide ways in recording transactions. And, I'd be glad to show how to track the wire fee amount deducted from your customer's payment. You can create a deposit to show the invoice payment and the wire fee deduction. Then, change the status of the invoice to paid by matching it to the deposit. To create a deposit:Go to the Plus icon, then choose Bank Deposit. In the Receive From column, select the customer's name.Pick Accounts Receivable in the Account column and enter the amount of the invoice. From the second line, choose the customer's name in the Received From column.Enter Wire Fee expense in the Account column, then enter the amount in negative. Click Save and Close (see screenshot 1).To match the deposit to the invoice:From the Plus icon, choose Receive Payment.In the Choose a customer field, pick the name of the customer. Put check marks in the Invoice and the Deposit.Click Save and Close (see screenshot 2). Check out these articles for more details:How to record bank depositsHow to record a customer paymentYou're not set to record the transaction in QuickBooks Online. If you have additional questions, you can always reach back to me. I'll be around. Happy Thanksgiving Day!

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Question

How to record a wire fee that has been deducted when receiving payment for an invoice?

Forum|Forum|7 years ago
November 22, 2018
1 reply
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QuickBooks Online

V

VivienJ

It's nice to have you in the Community, keyestates.

QuickBooks Online aims to provide ways in recording transactions. And, I'd be glad to show how to track the wire fee amount deducted from your customer's payment.

You can create a deposit to show the invoice payment and the wire fee deduction. Then, change the status of the invoice to paid by matching it to the deposit.

To create a deposit:

Go to the Plus icon, then choose Bank Deposit.
In the Receive From column, select the customer's name.
Pick Accounts Receivable in the Account column and enter the amount of the invoice.
From the second line, choose the customer's name in the Received From column.
Enter Wire Fee expense in the Account column, then enter the amount in negative.
Click Save and Close (see screenshot 1).

To match the deposit to the invoice:

From the Plus icon, choose Receive Payment.
In the Choose a customer field, pick the name of the customer.
Put check marks in the Invoice and the Deposit.
Click Save and Close (see screenshot 2).

Check out these articles for more details:

You're not set to record the transaction in QuickBooks Online.

If you have additional questions, you can always reach back to me. I'll be around.

Happy Thanksgiving Day!

T

tinat

Do you have an answer for this question for QB Desktop?

Kristine Mae

Moderator

It's the same process in QuickBooks Desktop as well, Tinat. I'm here to guide you with the steps.

We'll create a deposit and add the wire fee. Then, link the deposit to the invoice.

First, here's how to create a deposit:

Click Banking.
Go to Make Deposits.
Select the Deposit to account.
In the first line, add the customer, select Accounts Receivable, then enter the amount.
In the second line, add the customer, select the wire fee expense account, then enter the amount as negative.
Click Save & Close.

Next, link it to the invoice. Here's how:

Open the invoice.
Click Receive Payments.
In the UNUSED CREDITS section, click Apply Credits.
Go to the Credits tab, then select the deposit.
Click Done.
Click Save & Close.

Let me share the article about the Accounts Receivable workflows in QuickBooks Desktop. This will show you five usual recordings of A/R transactions, depending on what suits your business processes.

If there's something else that you need, please feel free to swing by.

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