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TheOrigHU
Level 1

Reconciling

My bank (which is a credit union) holds a $5 fee to keep savings account open, therefore does show in my ending balance on my statement but does not show for my available balance for that account. My question is when I reconcile do I account for the $5 that is being held (even though there's in no actual line item stating this) since it doesn't show as available to spend or just go by what available? 

Solved
Best answer March 17, 2022

Best Answers
ReymondO
QuickBooks Team

Reconciling

Thanks for sharing your concern in the QuickBooks Community page, @TheOrigHU

 

Since the $5 fee is showing in your actual statement, you'll have to record it as an expense in QuickBooks Online. That way, we can ensure that your account matches your bank statements.

 

First, create an expense account for bank fees. Let me show you how:

 

  1. Go to the Accounting menu and select Chart of accounts.
  2. Click New.
  3. In the Account dialog, create an Expense account for Bank Charges, and name it Bank Fees.
  4. Select Save and close.

 

Once done, you can now record the fee and use the expense account you've created in the line item. For the detailed steps, check out this article: How to record expenses in QuickBooks Online.

 

After recording the bank charges, you start reconciling your account. This should now match your account to your bank statements. 

 

If you have any further questions, feel free to add them on this thread. I and other users in the QuickBooks Community page are always here to help. 

View solution in original post

2 Comments 2
ReymondO
QuickBooks Team

Reconciling

Thanks for sharing your concern in the QuickBooks Community page, @TheOrigHU

 

Since the $5 fee is showing in your actual statement, you'll have to record it as an expense in QuickBooks Online. That way, we can ensure that your account matches your bank statements.

 

First, create an expense account for bank fees. Let me show you how:

 

  1. Go to the Accounting menu and select Chart of accounts.
  2. Click New.
  3. In the Account dialog, create an Expense account for Bank Charges, and name it Bank Fees.
  4. Select Save and close.

 

Once done, you can now record the fee and use the expense account you've created in the line item. For the detailed steps, check out this article: How to record expenses in QuickBooks Online.

 

After recording the bank charges, you start reconciling your account. This should now match your account to your bank statements. 

 

If you have any further questions, feel free to add them on this thread. I and other users in the QuickBooks Community page are always here to help. 

TheOrigHU
Level 1

Reconciling

Thank you for your help!

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