posted
Best answer 06-11-2019
Solved
Accepted Solutions
Hello there, Acomp.
It's my pleasure to help you record a wire transfer fee in QuickBooks Online (QBO).
Let's record the wire transfer as expense and enter the 1500 dollars under Accounts Payable then choose an expense account for the 50 dollar wire transfer fee.
Here's how:
- Select the Plus icon (+).
- Under Vendors, select Expense.
- Specify the bank account the wire was transferred from Bank/Credit account field drop-down list.
- Enter the Payment Date field and select the Payment method.
- Enter Wire Trans or WT in the Ref no. field.
- Specify the expense Account that tracks the charges, or enter Accounts Payable if the transfer was for a bill.
- Enter the Amount of the purchase.
- Click Save.
Doing this will prevent the 50 dollar bank fee to affect the remaining 1500 dollars. Only the 1500 dollar will affect the bill.
For additional insight on how to record wire transfers, you can check out this article: How to record a wire transfer.
This should point you on the right track. If I can be of help with something else, please don't hesitate to get back to me. I'm always happy to assist.
Hello Acomp,
You'll have to pay the bill associated to that expense to link them. I'll guide through the steps.
- Go to Expenses.
- Click the Vendors tab at the top.
- Click the vendors account to see the Transaction List.
- Select the open bill and click the Pay bill online or the Make payment.
- In the Bill Payment page, scroll down to see the Credits or the expense you've created.
- Make sure you the Amount field is zero or no amount on it.
- Click Save and close.
Once done, you can open your Profit and Loss report to see expense fee.
I've got an article for you to check for future reference: How to group Accounts Receivable or Accounts Payable account types.
Let us know in the comment section below if you have additional questions. We're always here to help you.
Hello there, Acomp.
It's my pleasure to help you record a wire transfer fee in QuickBooks Online (QBO).
Let's record the wire transfer as expense and enter the 1500 dollars under Accounts Payable then choose an expense account for the 50 dollar wire transfer fee.
Here's how:
- Select the Plus icon (+).
- Under Vendors, select Expense.
- Specify the bank account the wire was transferred from Bank/Credit account field drop-down list.
- Enter the Payment Date field and select the Payment method.
- Enter Wire Trans or WT in the Ref no. field.
- Specify the expense Account that tracks the charges, or enter Accounts Payable if the transfer was for a bill.
- Enter the Amount of the purchase.
- Click Save.
Doing this will prevent the 50 dollar bank fee to affect the remaining 1500 dollars. Only the 1500 dollar will affect the bill.
For additional insight on how to record wire transfers, you can check out this article: How to record a wire transfer.
This should point you on the right track. If I can be of help with something else, please don't hesitate to get back to me. I'm always happy to assist.
Hello Acomp,
You'll have to pay the bill associated to that expense to link them. I'll guide through the steps.
- Go to Expenses.
- Click the Vendors tab at the top.
- Click the vendors account to see the Transaction List.
- Select the open bill and click the Pay bill online or the Make payment.
- In the Bill Payment page, scroll down to see the Credits or the expense you've created.
- Make sure you the Amount field is zero or no amount on it.
- Click Save and close.
Once done, you can open your Profit and Loss report to see expense fee.
I've got an article for you to check for future reference: How to group Accounts Receivable or Accounts Payable account types.
Let us know in the comment section below if you have additional questions. We're always here to help you.
