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Company home currency is CAD. Payment received in USD Bank (therefore no Match button available). How do I add the wire transfer fee to customer's payment in the Bank section? Is there a way to add an adjustment directly to the Payment Received side?
Situation:
1.) Bank receives funds in USD
2.) Recorded payment received in AR/Sales
Bank cannot match the 2 transactions together cause of the bank fees.
The only way I can get around this is to:
3.) Add entry from Bank to AR -> Selecting the Customer
4.) Go into Bank -> Categorized
5.) Selecting the same transaction and editing it (changing the AR amount + adding a bank fee expense line).
Solved! Go to Solution.
Hi there CGLog,
Making sure to enter transactions correctly is an important part of your bookkeeping. QuickBooks Online is a great tool to help you manage your receivables and keep track of unpaid invoices. I can provide some assistance regarding this.
One way to trach this would be to use a deposit with fees in order to record the amount deducted by the bank. In order to accomplish this. When creating the Payment on the invoice, instead of sending it directly to your bank account, choose the Undeposited Funds account in the Deposit to the field. Once that is created, click on the +New button in the top left of your screen, then select Deposit. Select the invoice payment within the list of transactions, then you can add the fees in the Add Funds to this deposit section as a negative amount. Here's an article that provides more details on how to create a bank deposit. The information for the fees would be located in the Include bank or processing fees section.
If you have any more questions, feel free to reach out here.
Hi there CGLog,
Making sure to enter transactions correctly is an important part of your bookkeeping. QuickBooks Online is a great tool to help you manage your receivables and keep track of unpaid invoices. I can provide some assistance regarding this.
One way to trach this would be to use a deposit with fees in order to record the amount deducted by the bank. In order to accomplish this. When creating the Payment on the invoice, instead of sending it directly to your bank account, choose the Undeposited Funds account in the Deposit to the field. Once that is created, click on the +New button in the top left of your screen, then select Deposit. Select the invoice payment within the list of transactions, then you can add the fees in the Add Funds to this deposit section as a negative amount. Here's an article that provides more details on how to create a bank deposit. The information for the fees would be located in the Include bank or processing fees section.
If you have any more questions, feel free to reach out here.
Hi @Alex M,
Can you explain the difference between the process you describe here, and the one at How to record a wire fee that has been deducted when receiving payment for an invoice?
I have a Canadian QBO account, and have CAD and USD bank accounts. I am receiving a USD wire transfer into the USD bank account for a USD invoice. Using your approach, which routes the funds through the Undeposited Funds account (which is CAD), causes a foreign exchange loss/gain. The approach on the other page, doesn't cause that loss/gain to be recognized now. (I expect, though, that both methods will show the same foreign exchange expense eventually, when I calculate the value at year end. Your method showing it in two entries—part now, part at year end; the other method showing it in a single year end entry.) (Correction: I see your method causes a second transaction which only records the foreign exchange gain/loss against A/R USD.)
Is your method better when the funds (and wire fee) is in a foreign currency (USD), but the bank account is local currency (CAD), while the other method is appropriate when the funds, fee, and bank account are all in the same currency? Are there other reasons why I would prefer one approach over the other?
Thanks.
Hi StrugglingStartup,
Thank you for adding to the discussion. QuickBooks provides an easy way to record wire transfer charges to a foreign currency deposit in the system. I'd be glad to help you with this.
The two methods are equally useful depending on the transaction. The steps mentioned by Alex are used when the invoice is already recorded in the home currency but the deposit is made in foreign currency. This process consists of deducting the fees on the deposit by first accepting the invoice's payment via the undeposited funds. However, the steps in this article explains how to record the wire transfer to a foreign deposit without impacting the undeposited funds account.
If you're unsure of which method to use, I recommend that you consult an accountant with QuickBooks Online. They can explain which option is best for you and how it can impact your books. In case you don't have an accountant, you can find one in your area by clicking on My accountant tab > Find a pro to help.
If this isn't something you're looking for, you can send us a Feedback under the Gear icon at the top which is sent to our team developer in the back end to consider for future updates.
Let me Know if you have any questions, I'll be happy to help.
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