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userhuini
November 30, 2020
Question

One of my customer owe me $1K but receive payment at bank is $980 bank charges $20 how to clear it at receive payment? because there is no line. Bank deposit? or pass JV

  • November 30, 2020
  • 1 reply
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1 reply

AlexV
AlexV
November 30, 2020

Hi userhuini!

 

Some of our clients are also receiving payments via third-party channels and pay for the processing fee and receive a lesser amount than the actual payment. I'll guide you with your record.

 

If this is an invoice payment, pay the invoice in full and set the Deposit to field to Undeposited Funds. Then, when you deposit the payment to your business account, add another line for the bank charges with a negative amount. This will reduce the deposit amount.

 

This is how it looks like.

Receive Payment:

 

Bank Deposit:

 

If you linked your bank account to QuickBooks Online, you can match it to the downloaded bank transaction. Please check these links for more details:

Keep on posting if you have more questions. Stay safe!

U
userhuiniAuthor
November 30, 2020

hello thanks for replying me, so are you telling me to use bank deposit instead? Thanks 

R
ReymondO
November 30, 2020

Thanks for getting back to this thread, @userhuini.

 

What my colleague above referring to is that if your invoice payment is deposited in the Undeposited Funds account, you can use the Bank Deposit feature to transfer the payment to your real-life bank. 

 

The Undeposited Funds account keeps a record of payments in QuickBooks until you physically deposit the same payments at your real-life bank.

 

That said, you can create another line to record the bank charges with a negative amount once you deposit the invoice payment. This way, it will reduce your deposit amount. Just follow the steps provided by my colleague above.

 

In addition, you can check the following articles below for additional reference: 

 

 

Once your bank transactions are on the Banking page, you can now match and categorize them the ones you've entered in QuickBooks.

 

Let me know how else I can help you with QuickBooks by adding a comment below. I'm more than happy to lend a helping hand. Keep safe!

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