Recording a wire fee

"How does this work when you try to match it with the bank transaction? I matched a wire payment with an invoice and it doesn't seem to let me change the amount received because it's linked to my bank fee"

Make the entry for the Payment yourself, first. Process the receive payment for the full amount the customer paid. Not for the Net to Banking, because the customer didn't incur the fee. You incurred the fee.

The customer owes $200.

You process a Payment for $200.

You put this to Deposit, and on the next line, using negative, post the bank fee expense. Now you have a Total Net reduced deposit.

Now electronic banking can match that same total.

"It's customers bank charging....it's not ours."

You need to decide if you want to accept payment like this or not. Then, you need to decide if you want to charge the customer a Processing Fee if they pay by wire. Some States allow you to charge the customer the fee for payment you process by credit card and some don't allow it. You consider your Rates, as well. Banking fees are part of overhead; if you are bleeding small amounts due to banking fees, you address that issue any number of ways that will resolve it for your operational needs.

Example: I got paid for a project, payment from Lichtenstein. The amounts were large, and the wire fee was a % and was large enough that I did not intend to Absorb it. But of course, I wanted to Keep Working with these people for their large US project. So, we discussed them moving funds to their own US bank account, first.

To create a deposit:

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

To match the deposit to the invoice:

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

Check out these articles for more details:

• How to record bank deposits
• How to record a customer payment

Thank you for joining the thread and for the detailed information, @Moneytalks.

It's possible that the payment recorded doesn't include the deduction or the wire transfer fee of $20.00. Be sure that the amount you've input is the same amount received by the bank.

With this, I encourage looking over the payment entered. The amount that should post on your bank register shouldn't have the fee for reconciliation.

To include the wire transfer fee, add the amount in negative under the Add funds to this deposit section.

Let me know if you have any other questions. I'm more than happy to help. Have a wonderful day!

If a vendor is requesting that you pay them via wire and it is to be coded under a specific program as an expense, but does the wire fee count the same way, or should it be coded as a bank fee?