Good day, @Lee Shin.
I can help you record in which account you're going to use when you process the transaction.
When you receive the bank deposit, you'll record the $500 as a liability account because it's neither an income nor an expense, and the $5 processing charge as an expense. Then, because the $500 is recorded as a liability, it will effect the liability account when you transfer it.
I'd also suggest that you refer to your accountant for the best option and a detailed steps for they know what's best for your company.
Here's how to create an account in QuickBooks Online:
- Go to the Gear icon and select Chart of Accounts.
- Select New in the top right corner.
- Click on the Account Type drop-down to select the account type.
- Select the Detail Type to specify the type of account that you want to add.
- Enter the name of the account in the Name field.
- You have the option of including information in the Description field and an amount in the Balance field.
- Then select Save and Close.
You can also refer to this article to learn how to add transactions directly to an account register.
If you have anything else to add or any clarification with your account register, you can post a reply and I'll get back to you. Have a happy new year in advance!
