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CDB-too
Level 2

QBO has no place to record service charges or interest when reconciling Visa card

I have included the Reconcile screen for my Visa Account.  How do I get it to provide a field for Service Charges or Interest?

 

Visa Reconcile.JPG

Solved
Best answer September 02, 2022

Best Answers
Henock K
QuickBooks Team

QBO has no place to record service charges or interest when reconciling Visa card

 

Hi CDB-too,

 

Welcome to the Community. Being able to reconcile your account is essential to ensure that your books are up to date.  QuickBooks Online is a great program that offers the ability to simply track your sales and expenses. I'd be glad to point you in the right direction regairdig a field for Service Charges or Interest.

 

A reason you might not be seeing the service fee option on your bank account is if your account is set up through the Banking tab. This is because the transactions are coming directly through the bank feed and the program thinks you would have already added that transaction from the feed itself. The service fee and interest show only if the bank is not connected with QuickBooks.

 

If you didn't add the transaction or you aren't seeing the option for the service fee, you can still create an expense transaction for the fees. I encourage you to refer to the following steps.

 

  1. Select +New from the left menu.
  2. Choose Expense.
  3. Choose the Payment account.
  4. Choose an expense account Category such as Bank charges to link the charge to (Note: You can make your own if you're not seeing one you need).
  5. Enter the amount and fill out the rest of the form as needed.
  6. Click Save and close when ready.


As a note, you can leave the payee field blank if you don't want to attribute it to a particular vendor. That's up to you.

 

Also, I'd encourage you to consult an accountant as they have the knowledge to point you in the right direction to correctly record your service fee or interest to ensure that your books are balanced. If you don't have an accountant, you can find one near you by clicking on My Accountant on the left navigation menu> and then Find a pro to help.

 

Let me know if you have any questions, I'll be happy to help.

View solution in original post

1 Comment 1
Henock K
QuickBooks Team

QBO has no place to record service charges or interest when reconciling Visa card

 

Hi CDB-too,

 

Welcome to the Community. Being able to reconcile your account is essential to ensure that your books are up to date.  QuickBooks Online is a great program that offers the ability to simply track your sales and expenses. I'd be glad to point you in the right direction regairdig a field for Service Charges or Interest.

 

A reason you might not be seeing the service fee option on your bank account is if your account is set up through the Banking tab. This is because the transactions are coming directly through the bank feed and the program thinks you would have already added that transaction from the feed itself. The service fee and interest show only if the bank is not connected with QuickBooks.

 

If you didn't add the transaction or you aren't seeing the option for the service fee, you can still create an expense transaction for the fees. I encourage you to refer to the following steps.

 

  1. Select +New from the left menu.
  2. Choose Expense.
  3. Choose the Payment account.
  4. Choose an expense account Category such as Bank charges to link the charge to (Note: You can make your own if you're not seeing one you need).
  5. Enter the amount and fill out the rest of the form as needed.
  6. Click Save and close when ready.


As a note, you can leave the payee field blank if you don't want to attribute it to a particular vendor. That's up to you.

 

Also, I'd encourage you to consult an accountant as they have the knowledge to point you in the right direction to correctly record your service fee or interest to ensure that your books are balanced. If you don't have an accountant, you can find one near you by clicking on My Accountant on the left navigation menu> and then Find a pro to help.

 

Let me know if you have any questions, I'll be happy to help.

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