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I wired 1000 Euros in funds to a supplier and the funds were returned to my Euro bank account because of a bad name, less processing fees of 88.28. So only 911.72 returned to my account. How do I record this against my payment to the supplier? I need to account for 88.28 as Bank Charges.
I'd be glad to help you record the bank charges in QBO, markatmakinity.
You can add a second line item in the bill payment or create a separate expense transaction for the bank charges. Here's how:
If the transaction is downloaded in QBO through Online Banking, follow the steps in this article in how to handle the transaction: Categorise and Match Online Bank Transactions in QuickBooks Online.
The Community is always here of you need anything else. We're always here to guide and assist you anytime you need help.
No. I do not want to record the bank charges separately. Supplier funds were returned by the bank and so I need to show that the supplier returned full amount and that bank charged fees against the amount.
Thanks for the reply, markatmakinity.
First, you need to void the cheque since the payment didn't go through. Then, you'll need to create an expense transaction to record the fee.
Once done, you can follow JenoP's steps to record the expense transaction.
Another way to record it is by creating a bank deposit. From there, we can add both the returned funds and the fee. Follow these steps:
This is how it looks like:
If you need to process another payment, simply create a new cheque and the deposit you created will pop up so you can link them.
You may also visit our Help Articles page if you need more references in managing your business.
I'll be here if you need anything else. Take care!
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