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I have a deposit that I need to do a journal entry for. The donor sent $50 but the bank deducted a fee of $1.75. Would I have to create two separate entries or is it possible to enter with one?
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Hello,
You can do it as 1 journal entry. Just make sure that total of debit = total of credit. I recommend the following.
DEBIT the bank account for 48.25
DEBIT some kind of "Bank Fee" expense account for 1.75
CREDIT whatever income account you associate for the donations for 50.00
Hello,
You can do it as 1 journal entry. Just make sure that total of debit = total of credit. I recommend the following.
DEBIT the bank account for 48.25
DEBIT some kind of "Bank Fee" expense account for 1.75
CREDIT whatever income account you associate for the donations for 50.00
If the bank removed the fee from the deposit total, then you can actually do this right on the Deposit transaction. There is no need to create a Journal for this case.
Edit the existing deposit (or create a new one if you haven't recorded it yet) and after the regular $50 row, add another for the fee. It will look something like this:
The problem I have with this, is the donor is only getting $48.25 on their donation record, when they should be getting $50 on their donation record
Good Evening, @sheppan.
Thanks for reaching back out to the Community and adding clarification on what you want with this transaction.
Making a journal entry like @MarshallA stated at the beginning of this thread will be the easiest way to record this donation in your QuickBooks Desktop (QBDT). Follow the instructions that were provided by him, and your donor will get a record of $50.00.
However, I do recommend consulting with your accountant before going through the steps. They'll be able to give you the best accounting advice for your business. If you don't have an accountant, check out this link to find one near you.
Let me know if creating a journal entry does the trick. I want to make sure all of your concerns are addressed. We've got you covered. Bye for now!
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