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Frequent Explorer **

Should I specify our bank as a vendor for Service Charges and Dividends?

The transactions are classified under their corresponding accounts. However, with the possibility of changing banks in the near future, I wasn't sure if I should clarify the bank.

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Best answer 12-03-2018

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Intuit

Re: Should I specify our bank as a vendor for Service Charges and Dividends?

Hello,

 

Yes.  Typically your bank would be setup as a Vendor because they provide a service (your bank account) that you typically pay for (maintenance fees).

 

Even though they are listed as a vendor, you can still record income from them such as interest and post it to the correct income account of your choice.

2 Comments
Intuit

Re: Should I specify our bank as a vendor for Service Charges and Dividends?

Hello,

 

Yes.  Typically your bank would be setup as a Vendor because they provide a service (your bank account) that you typically pay for (maintenance fees).

 

Even though they are listed as a vendor, you can still record income from them such as interest and post it to the correct income account of your choice.

Established Community Backer ***

Re: Should I specify our bank as a vendor for Service Charges and Dividends?

You don't need to use a Name on the deposit entry at all; if you use the one field in the beginning of the reconciliation screen for entering One interest earned and One fee incurred that month, you see no name is even provided for here.

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