Account management
You've come to the right place! I've got all the steps to make sure everything is accounted for, @Larry K.
If you receive a payment less than the invoice amount due to bank fees, we can use the Resolve Difference feature to account for the bank charge.
You can follow these steps below to create a Bank Charges account:
- Go to Accounting from the left menu.
- Choose Chart of Accounts.
- Click New.
- In the Account dialog, create an Expense account for Bank Charges, and give it a name, e.g Bank Charges or Bank Fees.
- Select Save and close.
You can refer to our guide on adding an account to your chart of accounts in QuickBooks Online for your convenience.
Once done, you can match the invoice with the bank transaction and use the Resolve Difference feature to record the bank fee. Let me show you how.
- Go to Banking on the left menu and choose Banking.
- On the Bank and Credit Cards page, make sure you have selected the Bank Account with the transaction.
- Locate the transaction with the amount of $268.37 in the For Review tab.
- Tap Find Match.
- In the Match transactions window, choose the checkbox of the appropriate Invoice.
- Enter the exact payment $460 in the Payment field.
- Tick Resolve Difference to open the Add resolving transactions fields.
- Click Add new transaction.
- From the drop-down list in the Category field, select the Bank Fees expense account you created.
- Enter a negative amount for the bank fee, e.g -191.63.
- Click Save and close.
Here's an example:
Your transaction is now matched off against the invoice and the bank fees are accounted for.
As another option, you can follow our guide on entering a bank service fee while using a third-party merchant service. Then, match the downloaded transaction and the deposit you created in QuickBooks Online.
Feel free to visit our Banking page for more insights about managing your bank feeds.
If you have any other questions or clarifications, feel free to leave them in the comments below. I'll get back to you as soon as I can.
