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quickcut
September 5, 2020
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How do I split a bill payment to OS supplier with a bank fee

  • September 5, 2020
  • 1 reply
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I have an Australian business but recently started buying and selling goods overseas.

I have set up foreign currencies in my quickbooks and set up my suppliers in the currency they want to be paid in.

(I have also opened up an online Payoneer account to transact in different currencies.)

 

Everytime I pay a supplier, Payoneer adds a small bank fee. My question is, how do I pay a supplier and tack on a bank fee to the payment transaction?

 

At the moment the only work around I can find is to add the bank fee to the invoice I receive from my supplier, but not an elegant solution because I get an invoice for say $1000 USD but after I pay the bill and find out what the bank fee is I have to go back and modify the bill in quickbooks for a higher amount eg $1006.53 USD and now the bill in quickbooks doesn't match the invoice my supplier sent me.  Would be much easier to split the payment with 1000 going to my supplier and 6.53 going to "Expenses: Bank  Fees", but quickbooks won't let me do it.  I also can't seem to find out how to open the bill payment general journal entry and modify it accordingly.  I remember in the PC version of quickbooks every transaction could be found in the general journal.

Best answer by AlexV

Hi there, quickcut.

 

Let me join this thread so I can share more details on how to handle Payoneer transactions.

 

There's a better way so you don't have to manually record the bills from your supplier and match them. We can directly split the downloaded transaction. That way, we can properly categorize the actual amount you paid your supplier and the fee from Payoneer.

 

Please follow these steps:

  1. From the Banking, select the downloaded transaction from Payoneer.
  2. Select the Categorize button and click Split.
  3. Enter 1000 on the first line and 6.53 on the second one. Choose the correct accounts.
  4. Click Apply and accept.

Please refer to the screenshots below:

I've included this link if you need assistance in reconciling an account in QuickBooks Online.

 

Please post again if you need anything else. I'll be here!

1 reply

S
ShiellaGraceA
September 5, 2020

Hello @quickcut,

 

You'll want to use the find match option from the banking section so you can add the bank fee. Let me walk you through how.

 

  1. Go to Banking, then Banking at the top.
  2. Select the transaction, then the Find match radio-button.
  3. A match transactions window will open, tick the bill transaction. Then, switch the Difference option.
  4. This will bring up the Add resolving transactions section. This is where you're going to add your bank fee account and amount.
  5. Click Save. See image below.

 

With these steps, you're able to record your bank fee correctly. You can learn more about bank fees at this link: How to account for Bank Fees when matching transactions in Bank Feed.

 

I'll also share with you our page about categorise and match online bank transactions in QBO which I'm sure you'll find helpful. It has detailed steps that'll guide you through the process.

 

That's all there it to it. Please drop a comment anytime if you have other questions or concerns. We're always here to help. Thanks for reaching out to us today, and have a lovely weekend ahead.

Q
quickcutAuthor
September 6, 2020

Hi ShiellaGraceA,

Thank you very much for your prompt reply!

 

Unfortunately though, I'm only able to get to step 2 in your instructions. Please see my comments below (after the asterisks.)

 

ie

  1. Go to Banking, then Banking at the top.
    *This I can do
  2. Select the transaction, then the Find match radio-button.
    * My payoneer accounts do not show up here however I downloaded a .CSV of my USD account and managed to get it to display on this screen similar to my other accounts.
    * unfortunately when I select the transaction there is no "Match" radio button - it only shows with "Categorise" and "Record as a transfer" radio buttons.
    * if I select "Categorise" I get 2 options for the transaction type drop down list "Expense" or "Check" (cheque?) neither of which will let me do what I want to do.
    * cannot proceed from here.
  3. A match transactions window will open, tick the bill transaction. Then, switch the Difference option.
  4. This will bring up the Add resolving transactions section. This is where you're going to add your bank fee account and amount.
  5. Click Save. See image below.
AlexV
AlexVAnswer
September 6, 2020

Hi there, quickcut.

 

Let me join this thread so I can share more details on how to handle Payoneer transactions.

 

There's a better way so you don't have to manually record the bills from your supplier and match them. We can directly split the downloaded transaction. That way, we can properly categorize the actual amount you paid your supplier and the fee from Payoneer.

 

Please follow these steps:

  1. From the Banking, select the downloaded transaction from Payoneer.
  2. Select the Categorize button and click Split.
  3. Enter 1000 on the first line and 6.53 on the second one. Choose the correct accounts.
  4. Click Apply and accept.

Please refer to the screenshots below:

I've included this link if you need assistance in reconciling an account in QuickBooks Online.

 

Please post again if you need anything else. I'll be here!

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