BANK CHARGES RECONCILIATION

Proper recording of bank charges ensures that your company's financial statements accurately reflect all expenses, Adedolapo. Let me assist you in entering bank charges in QuickBooks Online (QBO).

If you're on the reconciliation tab, you can include necessary bank charges as service charges. Ensure you select Bank charges under the Expense account option. Please refer to the screenshot below for visual reference:

Moreover, if you're resuming reconciliation, this option is unavailable. You can follow the steps below to include charges.

1. Go back to the reconciliation page.
2. Click the Resume reconciling button.
3. On the upper right corner, hit Edit info.
4. Choose Bank charges under the Expense account dropdown arrow.
5. Select Save when done.

However, if these options are not available on your end, you can add the charges as a bank deposit. Let me show you how:

1. Go to the + New and select Bank deposit
2. Add the necessary information.
3. Scroll down to the Add funds to this deposit to enter the charge.
4. Choose who gave these fees in the RECEIVED FROM column.
5. In the Account dropdown, pick Bank charges.
6. Once done, write the amount as a negative number.
7. Review the total along with its fee, then click Save and close.

On the other hand, refer to this article to learn how to create a Bank charge account if your account doesn't have one:  Add an account to your chart of accounts in QBO.

Ensuring your QuickBooks balance matches your actual bank balance provides an accurate representation of your financial position. Should you need more guidance on recording bank fees within QBO, please let us know in the comments. We're always here to assist you!