Question

Categorizing Wire Fees

Forum|Forum|2 years ago
March 10, 2024
1 reply
2 views

A 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?

QuickBooks Online

J

JoanaC

QuickBooks Team

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:

Go to the + New button.
Under Other, select Bank Deposit.
From the Account dropdown, choose the bank account the wire was transferred.
Enter the Date the wire was received.
Select the box for the invoice payment in the Select the payments included in this deposit section.
Go to the Add funds to this deposit section, and fill in all the necessary columns (i.e., Received From, Account, and Amount)
Double-check the total amount and once everything is correct, click Save and close.

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!

A

amaury-torresAuthor

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?

M

MAnneJ

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:

Go to Transactions, then Bank Transactions.
We can directly match if 1 match found prompt in the transaction.
If none, we can click the transaction and select Find Match, Match, or Find other matches.
However, if there are no matches, we can click Confirm.

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.

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