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Level 2

How are bank fees treated in Quickbooks online

I have come across a challenging issue regarding Account Servicing fees.  I did a bank feed update, and the banks Account service fee although taken out was not included in the update.  I tried to enter the fee as an expense however, it would not let me enter it .  

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I had set up a sub-account called Account service fees under the parent of Bank Charges and fees.

I then tried to enter the bank fee charged to my account as an expense, and still, it will not allow me to enter the transaction.  

 

Should I wait until it shows up in the bank feed and then review.  How would you enter it in so that is registers as an expense.

 

Any advice would be appreciated.  I am still trying to learn Quickbooks while the government decide what they want me to do with my business during the Covid 19 crisis.

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QuickBooks Team

How are bank fees treated in Quickbooks online

Hello, @Trevor1511.

 

Are there any pop-up messages or errors encountered when creating an expense transaction in QuickBooks Online.

 

Services fees will only be downloaded in the Bank feeds if posted in your Bank Statement also you might not see this option if your account is set up through the Banking tab, transactions are directly through the bank feed and the program thinks you would have already added that transaction from the feed itself. 

 

For now, you can create an expense using the steps below:

 

1. From the left menu select New.

2. Click on Expense.

3. Choose the Payment account.

4. Select 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.

 

Let me add this article on how to record payments and deposits for future reference: Record payments deposits and fees in QuickBooks Online.

 

You can ask any additional questions, I'm here to help.

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