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AWS_EM
Level 2

I sent a wire to a vendor but it was returned. Now I have the wire I sent and the wire reversal, minus fees, to review. How do I clear this from the list of transactions?

We paid the vendor via Zelle pay and match the invoice with the Zelle payment. I still need to clear the original wire with the wire reversal. How do I do that?
6 Comments 6
IamjuViel
QuickBooks Team

I sent a wire to a vendor but it was returned. Now I have the wire I sent and the wire reversal, minus fees, to review. How do I clear this from the list of transactions?

Hello there, @AWS_EM.

 

Let me share some information so you'd be able to properly track your reversed transactions.

 

First, you can either void or delete the bill payment you've recorded. Then, you'd want to record the reversal fee to make sure that it is well accounted for.

 

Here's how: 

  1. Go to the Reports menu.
  2. Enter Bill Payment List in the search field.
  3. Click on the drop-down for the Report period, then select the correct date range.
  4. From there, click on the amount to see the transaction details.
  5. Unmark the box of the bill.
  6. Click Save and Close.

Now, we can record the bank fees taken from the reversed vendor payments. Let's first create an expense account to record the deducted fee. Here's how:

  1. Go to Accounting on the left panel.
  2. Then select Chart of Accounts.
  3. Click on the New tab.
  4. Click on the Account Type drop-down and choose Expenses.
  5. Under Name, enter Bank Fees.
  6. Click on Save and Close.

Once completed, let’s go ahead and create a Product/Service item. 

  1. Go to the Gear Icon at the top.
  2. Select Products and Services.
  3. Choose New on the right-hand side
  4. Select Service.
  5. Then name it Bank Fees.
  6. Under Income Account, select the Expense account you just created.
  7. Click on Save.

Next, write a check and set the check number to EFT.  Just make sure to select the Bank Fees account and enter the amount.

 

Lastly, I'd recommend consulting an accountant so you'd be assisted properly in tracking and accounting your vendor payments. 

 

Stay in touch with us here if you have other questions about managing your expense transactions. I'm always here to help.

IamjuViel
QuickBooks Team

I sent a wire to a vendor but it was returned. Now I have the wire I sent and the wire reversal, minus fees, to review. How do I clear this from the list of transactions?

Greetings, @AWS_EM.

 

Making sure that you're able to track your vendor-related transactions is my priority. Have you tried performing the troubleshooting steps I shared above?

 

Swing by here again if you have other questions or concerns.  I’ll jump right back in to help. Wishing you continued success.

AWS_EM
Level 2

I sent a wire to a vendor but it was returned. Now I have the wire I sent and the wire reversal, minus fees, to review. How do I clear this from the list of transactions?


I don't think this will help me.  I don't have a bill pay to reverse.  Here's the situation.  I paid the vendor with another wire.  So, the bill was match with the wire that actually went through.  The issue I have is with the original wire that was sent, and the wire reversal.  Both transactions from the Chase bank account are now in Quickbooks and I don't know if I should just add them as a transfer or not. And if I add them as a transfer how do I record the fees.  I just need to know, can I match a payment with a refund?  Is there such a feature in QB to math refunds with the original payment?

AileneA
QuickBooks Team

I sent a wire to a vendor but it was returned. Now I have the wire I sent and the wire reversal, minus fees, to review. How do I clear this from the list of transactions?

I'm here to help you get this sorted out and address your concern one by one, AWS_EM.  

   

First of, to answer your question, since the transactions from the Chase bank account are already in the QuickBooks. You'll view it in the review section and match the downloaded transaction instead of transferring it to void any duplication. You can refer to How to add and match downloaded banking transactions article for the detailed instructions.

 

Second, to record the fees, you'll need to create a deposit transaction and record the expense in a negative amount. 

 

Here's how:

 

  1. Click the Plus icon (+) at the top.
  2. Under Others, click Bank Deposits.
  3. Enter the deposit. Under Account, choose Fees.
  4. Enter a negative amount, under Amount.
  5. Click Save and close

 

However, I'd suggest consulting with your accountant to determine the correct way to categorize the transactions and prevent any discrepancy in your book.  

 

Yes, you can match a payment with a refund. To learn more with the detailed steps, you can refer to this article: How to account for Bank Fees when matching transactions in Bank Feed.

 

Lastly, currently, in QuickBooks, there is no such feature that math the refund with its original payment. To help get the most recent updated in QuickBooks Online. I  recommend visiting our QuickBooks Blog site. This is where we share recent happenings and future developments, such as updates to newly added features.   

  

Any other questions in mind? Place them below, and I'll take care of it. Have a great day!

Valencia45
Level 1

I sent a wire to a vendor but it was returned. Now I have the wire I sent and the wire reversal, minus fees, to review. How do I clear this from the list of transactions?

I'm also looking for the same solution. If I found any solution then I'll let you know Upsers

AWS_EM
Level 2

I sent a wire to a vendor but it was returned. Now I have the wire I sent and the wire reversal, minus fees, to review. How do I clear this from the list of transactions?

Thank you.

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