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How do I enter a service charge credit so I can reconcile my bank statement? I was charged the late fee in one month and then credited it back the following month.

 
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How do I enter a service charge credit so I can reconcile my bank statement? I was charged the late fee in one month and then credited it back the following month.

Hello ginacramer,

 

You can the service charge credit as a bank deposit. It'll directly hit your bank account which will be part of your reconciliation. Here's how to do it:

  1. Click the + New button on the left menu and select Bank deposit.
  2. Select the bank account in the Account field.
  3. Enter the service charge credit date in the Date field.
  4. Go to the Add funds to this deposit section.
  5. Enter the expense account for the service charge in the ACCOUNT column.
  6. Enter the credited AMOUNT and click Save and close.

After that, you can go back to the Reconcile page and continue reconciling the account. You can also use this link for more information about bank deposit: Record and make Bank Deposits in QuickBooks Online.

 

You can also consult your accountant to see if they have other options in recording the service charge credits.

 

Let us know if you have additional queries about this.

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