How to account for banking fees in Quickbooks online

Nixxx · ‎August 16, 2022

I’ve been using the desktop version for years, reconciliation includes entering the amount of bank charges/interest as part of the process. Now moved to online and there doesn’t seem to be a place to enter bank charges. Do I have to treat my bank as a supplier and enter an ‘invoice’ and payment every month or am I missing something?

Thanks for any advice on this!

Jen_D · ‎August 17, 2022

Thanks for visiting our forum again, @Nixxx.

I'm here to guide you through where to get started with accounting for your bank fees.

For QuickBooks Online users, you can find the + New icon on the top left section of the page. See this illustration:

If you still can't locate it, can you please share us a screenshot of your screen? This will help me identify what must be the problem.

Let me know if you require further assistance with this bank fees topic. I'll be right here to help whenever you need it.

View solution in original post

JonpriL · ‎August 16, 2022

Hi there, @Nixxx.

I'll help enter your banking fees in QuickBooks Online before working with your bank account reconciliation.

Yes, banking fees are entered as the bank charges before a bank account is reconciled. The amount is then considered negative since it is an expense taken out from your bank account. I'll show you how.

Go to the +New button.
Under Other, select Bank deposit.
Below the Account column, select Bank Charges.
Enter the total amount of your banking fees within the reconciliation period.
Click Save and close.

Kindly read and use this article to learn more about banking transactions and processing fees: Record Bank Deposits and Include Banking Fees in QuickBooks Online.

After successfully recording your banking fees, consider logging in to your account using any of our supported browser versions and use this reference for guidance on all the features and functions of your payroll account in QuickBooks: Help Articles in QuickBooks Online. Also, you're able to read subtopics that will describe how a feature is used and how to accomplish tasks related to its functions.

I've got you covered if you have other questions aside from working with your bank account and transactions in QuickBooks. Use the Reply option below to leave a comment and don't forget to include my name, @JonpriL. Take care always and stay safe!

Nixxx · ‎August 16, 2022

Thank you for the reply.

which page am I on when I begin following these steps? I can't see a +New button

@JonpriL wrote:
.

Yes, banking fees are entered as the bank charges before a bank account is reconciled. The amount is then considered negative since it is an expense taken out from your bank account. I'll show you how.

Go to the +New button.
Under Other, select Bank deposit.
Below the Account column, select Bank Charges.
Enter the total amount of your banking fees within the reconciliation period.
Click Save and close.

Kindly read and
Spoiler

use this article to learn more about banking transactions and processing fees: Record Bank Deposits and Include Banking Fees in QuickBooks Online.

After successfully recording your banking fees, consider logging in to your account using any of our supported browser versions and use this reference for guidance on all the features and functions of your payroll account in QuickBooks: Help Articles in QuickBooks Online. Also, you're able to read subtopics that will describe how a feature is used and how to accomplish tasks related to its functions.

I've got you covered if you have other questions aside from working with your bank account and transactions in QuickBooks. Use the Reply option below to leave a comment and don't forget to include my name, @JonpriL. Take care always and stay safe!

Jen_D · ‎August 17, 2022

Thanks for visiting our forum again, @Nixxx.

I'm here to guide you through where to get started with accounting for your bank fees.

For QuickBooks Online users, you can find the + New icon on the top left section of the page. See this illustration:

If you still can't locate it, can you please share us a screenshot of your screen? This will help me identify what must be the problem.

Let me know if you require further assistance with this bank fees topic. I'll be right here to help whenever you need it.

Nixxx · ‎August 18, 2022

Got it, thanks!

MariaSoledadG · ‎August 18, 2022

Hi there, Nixxx.

I'm glad that everything is working perfectly. If there's anything else that you may. We're always here for you to assist you further.

gsp1 · ‎February 04, 2023

I find this to be a less intuitive process than how QB desktop allows one to enter the service charge and/or interest earned during the reconcile process.

It takes me longer to reconcile my accounts in desktop versus online.

Topics

Training

Community

Resources

How to account for banking fees in Quickbooks online