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Imavintageguy
March 10, 2023
Question

Recording a bank service fee associated with a bill payment by EFT

  • March 10, 2023
  • 1 reply
  • 0 views

Hi,

When I pay a supplier bill through e-transfer, I get a $1 service fee applied by my bank. I can record the bill payment/EFT as "bill payment" but how do I record the $1 bank fee such that when I connect my bank transactions, I can easily Match the bank transaction with the supplier payment? Do I have to go in to each Bill and add the $1 service fee when I go to make the payment? Right now, I'd be off by $1 and will have to manually match every payment and key in the service charge manually.

 

Thank you.  

1 reply

J
JamesM4
March 10, 2023

Hi there,

 

It's important you're recording your transactions the right way in order to prevent errors in your books. QuickBooks offers an easy-to-use platform that makes it easy to manage your transactions. I'll be happy to steer you in the right direction so you can record the funds the right way and continue to manage your business with peace of mind. 

 

To ensure accuracy in your books, I highly recommend reaching out to an accounting professional to get more info on recording the funds. Doing this will help prevent any future discrepancies in your books. If you're not in contact with one, I encourage you to search for one on our website using this link here. I'll also leave this question open so other community members can share their advice on this. 

 

Feel free to ask other questions in the comments below. I'm here to help. 

S
sharonrokimi
April 17, 2024

For me, this fee comes in automatically. however it applies it to the same old supplier, not the current one who is being paid. I have to manually change this each time I do an etransfer, which is quite often. Why won't it apply it with the correct supplier???

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Alex M
April 17, 2024

Hi there sharonrokimi,

 

Thanks for reaching out about your transactions. QuickBooks Online is a great tool able to import transactions from various banks in order to save time with data entry. I can provide some information about bank transactions. 

 

When importing transactions from your banks, if there is a bank rule set up for certain transactions, this could be why they are being recognized as being from one supplier. To see if there is a bank rule being applied, you can go to the Banking tab, then Rules. The list of rules ais here, so I would recommend taking a look to make sure no rule is being applied to the transactions in question when being imported.

 

If you have any other questions, or need further assistance, feel free to reach out here.

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