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Buy nowA customer wired his payment to me but did it in a way where I had to pay for the $15 wire fee. This transaction appears on my bank transactions and when I try to categorize it as a "Wire Fee Expense" or even just a "Office/General Administrative Expenses", it creates a check. How do I categorize this transaction without it creating a check?
Welcome to the QuickBooks Community, amaury. Wish you're doing great. Let me share some insights about recording a wire payment.
When you receive a wire transfer payment, it will be considered as income to your account. To record the payment accurately, you need to create a Bank Deposit transaction. Firstly, add the full amount and then deduct the transfer fee as a negative amount through the "Add funds to this deposit" section when depositing the invoice payment. Doing this will ensure that the bank deposit is matched correctly to the wire transfer payment and prevent any duplicates or creating a check.
Here's how:
Once done, match your bank deposit to the wire transfer from the banking menu. This way it will keep your account balance accurate. You can refer to this article for more information: Categorize online bank transactions in QuickBooks Online.
For your future reference and assistance with your bank transactions, here are some articles you can visit:
Keep me posted if you still have concerns with your wire payment transfer. Have a great day and take care!
Hi JoanaC, sorry but I think I'm lost at this step:
Once done, match your bank deposit to the wire transfer from the banking menu.
By banking menu, do you mean the bank register? How do I link those two transactions to the bank deposit I just created from your instructions?
Thanks for getting back to the thread, Amaury. No worries. We can work together in matching transactions here in QuickBooks Online (QBO).
The instruction provided by my colleague tackles categorizing bank transactions. On this page, we can match transactions, find other matches, and directly categorize if there's no match at all.
Here's how:
By doing this, the transactions will go to the Categorized tab and be ready to be reconciled.
Additionally, you'll want to check this article and learn how to reconcile your accounts to match your bank and credit card statements: Reconcile an account in QuickBooks Online.
I'll be on the lookout if you need additional information managing your bank feeds in QuickBooks Online. Take care.
Hi, that makes sense. However, the bank deposit created earlier is in the amount of the wire payment less wire fees. This show up as two transactions in my Banking Transactions. So they will not be able to match. Should I create a Bank Deposit for each transaction? One for the wire payment and one for the wire fee?
Hey amaury-torres ,
I am happy you were able to make sense of what my colleague mentioned. For this situation, it will be best to connect with your accountant for solid advice on how to categorize these items. In the event you may not have an accountant, Intuit has a tool called Find an Accountant, which can be utilized to locate the right bookkeeper for your business. Here's how it's used:
1. Go to this Find my Accountant link.
2. In the Find an expert in section, choose what you're looking for, then use your search field to enter a City or ZIP code.
3. Select Search.
4. Browse through the results and find the best one.
If you have any other questions, I'm just a post away. Have a wonderful day!
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