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Level 2

Recording fees from external bank transfer

I am a new user and trying to reconcile my first  bank account statement but have numerous transfer fees I don't know what t do with.  They were never recorded in QBO.  When funds are transferred from the business bank account to a consultants bank account for travel reimbursements, commissions pay, etc.,  where and how should the transfer fees be recorded?

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Best answer October 25, 2018

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Level 11

Recording fees from external bank transfer

@khr

Bank fee is charged by the bank. So, it should normally go to the bank fee expense account.

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2 Comments
Level 11

Recording fees from external bank transfer

@khr

Bank fee is charged by the bank. So, it should normally go to the bank fee expense account.

View solution in original post

Level 2

Recording fees from external bank transfer

Thanks for your help.  I recorded the $3 fee by clicking Create - Vendor - Expense and selected the Bank Charges and Fees account.  Now a number of $2 "credits" for external bank transfers have downloaded.  Would I be correct in opening each of the expense records and adding a second line entering -$2 in the amount column?

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