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Level 2

How do i record a wire transfer payment?

when a client pays me by wire transfer it shows up on my register when i download transactions.  how do I apply the payment to the client's account. 

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Best answer December 10, 2018

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Level 8

How do i record a wire transfer payment?

You receive payments in QB and group with undeposited funds, next you make deposits. Now if you are using online banking you import your transactions and QB matches the wire transfer with your recorded deposit in QB.

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Highlighted
Level 8

How do i record a wire transfer payment?

You receive payments in QB and group with undeposited funds, next you make deposits. Now if you are using online banking you import your transactions and QB matches the wire transfer with your recorded deposit in QB.

View solution in original post

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Level 8

How do i record a wire transfer payment?

Receive payments.

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Level 2

How do i record a wire transfer payment?

If i enter the wire transfer in Receive Payments window then it also shows up in Make Deposits - if i deposit it then the amount shows up twice in my register
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Level 8

How do i record a wire transfer payment?

So you have manually added the wire transfer?
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Level 2

How do i record a wire transfer payment?

the wire transfer shows up when i download transactions from my bank. if i enter the amount in Receive Payments then it shows up in Make Deposits. How can I apply the wire transfer to my client's account without it showing up as a deposit
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Level 8

How do i record a wire transfer payment?

When you enter it in Receive Payments at the bottom of the window is the "Deposit To" section.  Don't deposit it to undeposited funds.  Just deposit it straight to the bank account receiving it (it isn't in funds you will deposit - the deposit will be automatic).
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Level 1

How do i record a wire transfer payment?

I have a question I have a bunch a wire transfers that I need to apply to invoices but they were incorrectly added so I had to delete them now I need to apply them correctly to newly created invoices but I dont know how can someone help me

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Anonymous
Not applicable

How do i record a wire transfer payment?

Hi there, @Bostonlady.

 

Let me help how to apply your wire transfer payment to your invoices.

 

On your invoice, select the Receive Payments tab. Then select the payment method used on the Customer Payment window. 

 

 

 

 

 

That should do it. Let me know if you have other questions. I'm here to help.

 

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Level 1

How do i record a wire transfer payment?

But, how do I record a wire transfer fee taken from the deposit by my bank? The deposited amount showing on my statement is $25 less than the invoiced amount. The fee they have taken is $25.

 

Thank you,

 

Claire

 

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QuickBooks Team

How do i record a wire transfer payment?

Good evening, @jclairedean. Thanks for reaching out to the Community.

 

We'll need to use a bank deposit to record a wire transfer including the bank fees so you're able to match the amount in QuickBooks with what was cleared in your bank. Here's a step by step process to guide you:

 

Step One: Create a Bank Deposit

  1. Go to the Banking menu, then Make Deposits.
  2. In the Deposit to field, choose the account where you want to deposit the amount.
  3. On the From Account column, click Add new to add an Other Current Liability account.
  4. Click Other Account Types radio button then select Other Current Liability then hit Continue.
  5. Enter the Account Name. (Example: Other Current Liability).
  6. Select Save & Close.
  7. Enter the Deposit amount in the Amount column.
  8. Once done, let's add the bank fee to another line item. Click a new expense line item under the From Account column then hit Add New.
  9. Choose Expense then press Continue.
  10. Enter the name of the expense. (Example: Bank Fee)
  11. Select Save & Close.
  12. On the Amount field, enter a negative amount for the bank fee.

 

Step Two: Balance your account

  1. Go to the Banking tab, then Write Checks.
  2. Enter the Bank Account, Date and the Vendor.
  3. Click the Expenses tab.
  4. In the Account column, add the Other Current Liability.
  5. Enter Deposit amount in the Amount column.
  6. Click Save and Close.

That should get you on the right track. Please let me know if there's anything else I can help you with. Have a great day!

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