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Level 2

Making partial payment to a single bill via international Wire Transfer

Hi everyone,

 

     I often send multiple payments toward a single bill via international wire transfer. My bank charges a fee for each wire transfer. My question is how do I manually record the partial payment to this bill and the wire transfer fee without the wire fee modifying how much I still owe on the bill balance. For example I have to pay this overseas supplier a $3000 bill. The first payment would be $1500. I pay the $1500 with the $50 wire transfer fee. When my bank statement comes its a single transaction of $1550. How do I record this transaction so that this $50 bank fee doesnt affect the remaining $1500 owed to the $3000 total. And to just reiterate Im entering all this manually.

 

Thanks everyone!

Solved
Best answer 06-11-2019

Accepted Solutions
QuickBooks Team

Re: Making partial payment to a single bill via international Wire Transfer

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:

  1. Select the Plus icon (+).
  2. Under Vendors, select Expense.
  3. Specify the bank account the wire was transferred from Bank/Credit account field drop-down list.
  4. Enter the Payment Date field and select the Payment method.
  5. Enter Wire Trans or WT in the Ref no. field.
  6. Specify the expense Account that tracks the charges, or enter Accounts Payable if the transfer was for a bill.
  7. Enter the Amount of the purchase.
  8. Click Save.

wire trans.PNG

 

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.

View solution in original post

QuickBooks Team

Re: Making partial payment to a single bill via international Wire Transfer

Hello Acomp,

 

You'll have to pay the bill associated to that expense to link them. I'll guide through the steps.

 

  1. Go to Expenses.
  2. Click the Vendors tab at the top.
  3. Click the vendors account to see the Transaction List.
  4. Select the open bill and click the Pay bill online or the Make payment.
  5. In the Bill Payment page, scroll down to see the Credits or the expense you've created.
  6. Make sure you the Amount field is zero or no amount on it.
  7. 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.

vendor1.JPG vendor2.JPG

View solution in original post

6 Comments
Moderator

Re: Making partial payment to a single bill via international Wire Transfer

Greetings, @Acomp!

 

You have the option to open and record your partial bill payment through your unpaid bill. I'll be happy to help you accomplish this.

  1. Go to Expenses.
  2. Select Vendors.
  3. Find and click to open your vendor's profile.
  4. Click your unpaid bill.
  5. Under BALANCE DUE, select Make payment.
  6. Enter the amount of your partial payment in the Amount field.
  7. Click Save and close.

This way, you can now be able to record your partial bill payment and letting the remaining balance of your bill to be open.

 

In addition, here's an article you can read to learn more about recording your partial bill payments: How to Enter and Pay Bills?

 

As always, you can visit our Help Articles page for QuickBooks Online if in case you need to learn some "How do I" steps.

 

Please let me know in the comment section down below if you have any other questions. I'll be always around ready to help.

Level 2

Re: Making partial payment to a single bill via international Wire Transfer

Hello @JonpriL ,thanks for you answer.

What I still don't know is how to reflect that in that partial payment is the $50 for the Wire transfer Fee, I guess I need to know where and when to enter the wire transfer fee so it doesn't affect the remaining amount that I still owe to this vendor, and I have to be able to enter all this manually.

QuickBooks Team

Re: Making partial payment to a single bill via international Wire Transfer

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:

  1. Select the Plus icon (+).
  2. Under Vendors, select Expense.
  3. Specify the bank account the wire was transferred from Bank/Credit account field drop-down list.
  4. Enter the Payment Date field and select the Payment method.
  5. Enter Wire Trans or WT in the Ref no. field.
  6. Specify the expense Account that tracks the charges, or enter Accounts Payable if the transfer was for a bill.
  7. Enter the Amount of the purchase.
  8. Click Save.

wire trans.PNG

 

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.

View solution in original post

Level 2

Re: Making partial payment to a single bill via international Wire Transfer

This was very helpful, thank you very much. 

Level 2

Re: Making partial payment to a single bill via international Wire Transfer

Hi again @Charies_M , I have fallowed the steps to record the payment and fee just as you suggested, still not sure how to link the expense that I created to the bill so it reflects the amount paid through that expense, I do have several open bills from the same vendor witch need to be paid separately so I have to make sure that the expense I recorded with your advice is applied to the correct bill.  

QuickBooks Team

Re: Making partial payment to a single bill via international Wire Transfer

Hello Acomp,

 

You'll have to pay the bill associated to that expense to link them. I'll guide through the steps.

 

  1. Go to Expenses.
  2. Click the Vendors tab at the top.
  3. Click the vendors account to see the Transaction List.
  4. Select the open bill and click the Pay bill online or the Make payment.
  5. In the Bill Payment page, scroll down to see the Credits or the expense you've created.
  6. Make sure you the Amount field is zero or no amount on it.
  7. 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.

vendor1.JPG vendor2.JPG

View solution in original post

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