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kv04
July 6, 2022
Question

Recorded and paid bill is less than the actual amount in the bank feed

  • July 6, 2022
  • 1 reply
  • 0 views

One bill was recorded and paid at USD 4,000 excluding the transaction fee of USD 131.56 last November 2021. The bank feed was showing an amount of USD 4,531.36. My client wants me to reconcile them (not the bookkeeper in this transaction) but this has happened over 6 months ago and I'm not sure how to address the missing transaction fee since there will be currency difference from CAD to USD.

1 reply

T
Trish_T
July 6, 2022

Hi kv04,

 

Thanks for reaching out here.  QuickBooks Online provides the versatility you need to accomplish our daily goals with peace of mind.  I'd be happy to provide more information so you're on the right track with work!

 

When the amount received is less than expected due to service/bank fees, you'll need to create an expense account for the fees and resolve the difference during the matching process from your bank feed.  Here's a helpful guide for your reference.  As you've mentioned, this dates back to approximately six months ago and could affect bank reconciliations.  I suggest undoing the reconciliations so you can account for the bank fees and then proceed to reconcile the account in sequence to ensure it's balanced.

 

Please don't hesitate to contact us if you require additional assistance.  Your success is important and we're always pleased to help!

 

Schedule a Callback or start a Chat: click (?) Help in the upper right in QuickBooks Online > enter "Contact support" > hit Contact Us > provide a brief summary of your situation > hit Let's Talk > choose Get a callback or Start a Chat.
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Cheers!

 

 

 

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