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Community Backer ***

overdraft fees

Hello,

 

1. How do I record overdraft fees from my banks statement to QB -Desktop?  Under which account should these transactions be recorded?

 

 

2. I ordered/purchased bank checks for my business, how can I record this transaction and to which expense account would it go under?

 

Thanks

 

3 Comments
Established Community Backer ***

Re: overdraft fees

use fee expense for the overdraft fees.  You can select that account on the reconcilliation screen under expense/fees / OR / enter a check, change the check number to EFT, do not print and enter the expense account and amount

 

Enter the payment for the checks and use Office Supplies Expense

Community Backer ***

Re: overdraft fees

Sorry, not following on my 1st question.

 

I got an overdraft fee of $25 and shows up on my bank statement.

I usually reconcile using my bank statements using - menu banking in DESKTOP QB  write checks

 

When writing the check in desktop QB: 

 

- This overdraft fee should go under the name of my bank - vendor name

- Enter enter date, amount ,and memo

- Enter it as an expense - bank service charges account?

 

The steps above is what I'm understating this overdraft fee should be recorded.  Do these steps sound right?  Please let me know if this is correct.

 

Thanks

QuickBooks Team

Re: overdraft fees

You're on the right track, @Eve2019!

 

The steps you've provided on recording overdraft fees are correct. Using an expense account is the best way to record overdraft fees if they're fees charged to your business. However, I still encourage checking with your accountant for more guidance.

 

Feel free to read this article to learn more about creating checks: Create, Modify, and Print Checks.

 

In case you need tips and related articles in the future, visit our QuickBooks Community help website for reference: QBDT Self-help.  

 

Just hit the Reply button below if you have additional questions. We're always here to help.

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