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A
accounting370
May 26, 2020
Question

Need help with processing cash payments from bank.

  • May 26, 2020
  • 1 reply
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1 reply

AddieC
AddieC
May 26, 2020

Hi there, 

 

I know how important it is to record your bank transactions properly in QuickBooks Online. There's so many different types of bank transactions, and payments can mean a few different things in different circumstances. I want to make sure I'm fully understanding your goal before providing any instructions.

 

What do you mean when you say processing cash payments from the bank? Are you trying to record payments you've made towards outstanding bills, or payments you've received from your customers? Alternatively, are you trying to physically process the payments to involve money movement in your real-life accounts?

 

With a bit more information, I'm sure I'll be able to help you reach your goal in no time. 

I'll be on standby.

M
monicapasch1
June 22, 2020

I would like to know how to record bank charges, monthly service charges etc. on my bank statement.  The directors dont want to transfer bank statement into quick books.  So I do every transaction manually.

AddieC
AddieC
June 22, 2020

Hello again, monicapasch1. Thanks for clarifying that for me. I see what you're saying now. If you're entering these transactions manually, you can do so by creating an expense account for Bank Fees, then create an expense for the amount you see in the real-life bank account.

First, you'll set up your new expense account:

 

1. Select Accounting from the left menu, then Chart of Accounts.

2. Select New.

3. In the Account dialog, create an Expense account for Bank Charges, and name it Bank Fees.

4. Select Save and close.

 

Next, create an expense by clicking + New > Expense. Select the new expense account, and enter all other necessary details. 

I hope this helps get you back on track. 

Cheers. 

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