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Great day to you, gary.werner,
I’m here to help share information on how to apply a bank service fee to an invoice.
To start with, you can enter bank service fee as a new Service item or enter bank service fee amount into the register so it matches the bank statement. Once done, enter the fee as a negative amount on the Bank Deposits screen upon depositing a payment.
Here’s how:
That’s it! Please let me know how it goes, I’d be always here to help. Have a great day!
Hello!
Are these the same steps to take when the payment has been automatically deposited into the checking account, minus the bank fee? Example: Invoice is $50, payment deposited is $45 (bank fee is $5 but there's not a separate transaction for that, they just reduced the payment they deposited to cover the fees).
Thank you.
Yes, those are the same steps for payments that are posted on your Checking account, naturecoastag.
After manually entering the deposit in QuickBooks, you can match it with payment on the Checking account. This way, it won't cause duplicate entries on your Chart of Accounts.
Let me show you how to match them:
The final step is to reconcile your bank accounts. This ensures your books are accurate and there aren't any duplicate transactions.
Don't hesitate to post again if there's anything else you need about recording payments in QuickBooks. I'm always glad to help you.
My bank is not connected in Quickbooks so I cannot match it with invoice, is there any other way?
Bank charges are also billed to the client on the next invoice, is it possible to bill it too?
Glad to see you in this thread, @AG6780. I’m here to help you track bank charges in QuickBooks.
Since your bank isn’t connected to QuickBooks Online, you can simply add the said charges as a service item and a negative amount to the invoice you created.
Here’s how:
And yes, you can bill it too. Make sure to follow the same process to get your books accurate.
You can use this guide if you want to add transactions directly to your account register: Manually add transactions to registers in QuickBooks Online. It helps you save time.
Moreover, the program offers ways to create a template for regular transactions and make customers' payments organized and connected from start to finish. For more details, see these resources:
I’ll be here to help if you need further assistance with managing your sales transactions. Just add them to your reply below. Keep safe always!
Thank you for your response but I'm not sure if this will work. I only bill our clients once ( end of the month) and we're receiving the payments on the following month. If I'll edit the invoice, the previous month's Trial Balance will change too because the AR amount will decrease right?
I appreciate you for getting back, @AG6780. Let me provide additional information about tracking bank fees in QuickBooks Online (QBO).
The steps provided by my colleague above will help you record bank fees for customers' invoices in QuickBooks. You can also add it when recording a deposit. Here's how:
You can learn more about this from this article: Record and make bank deposits in QuickBooks Online.
On the other hand, yes, modifying the invoice can affect your accounts receivable amount. If the invoice amount decreases, the AR will also decrease.
If you're uncertain about your records, you can always consult with an accountant to keep your reports and books in place.
When you're ready to record invoice payments, use this article as your reference: Record invoice payments in QuickBooks Online.
Let me know if you have any other questions about bank fees on invoices. I'll be right here to help. Have a good one!
using this process still shows a 'balance due' on the invoice. Our customer paid the Invoice amount, but the amount deposited into our account automatically reduced it by the bank fee. Say $50 was the invoice amount, but only $45 was deposited. I followed the instructions and entered -$5 as a bank fee. How do I close out the Balance due on the invoice?
Hello there, @jimboc21.
First, let's make sure that the $50 payment is deposited to undeposited funds to clear the balance due on the invoice. Since you've already created a bank deposit for the fee, we need to open and link it to the received payment.
Here's how to deposit the payment to the Undeposited Funds account:
These are the steps on how to add the payment to the deposit:
For detailed information about the steps provided above, you can refer to this link: Record and make bank deposits in QuickBooks Online.
You may visit these links to guide you on how to categorize your transactions and reconcile your account flawlessly:
The Community always welcomes you for further inquiries with regard to invoices and bank fees. Have a great day ahead!
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