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accounting437
March 12, 2021
Question

Write off bank fees with customer partial payment

  • March 12, 2021
  • 2 replies
  • 0 views

Hi,

I issued an invoice and received a %50 deposit.

The deposit was for $5000 minus bank fees so the amount that was actually received is $4980.

Usually when a payment is received in full we simply "write off extra amount" to bank fees. 

How can I write off the bank fee when we only received the deposit.

I assume I can always record the bank fees when the full payment is received but it would be less accurate and was wondering if there is a better way.

 

Thank you

2 replies

LeithG
LeithG
March 12, 2021

Hi Accounting437

 

I'm not sure if the Desktop version is similar to the online version of QuickBooks, but over on the online version, I usually get the deposit from the bank feed and then split the payment so it's the full amount, and a second line which is a negative to the bank fees.

J
JamesM4
March 12, 2021

Hi accounting437,

 

Glad to learn you're using QuickBooks Desktop to manage your business transactions. I'll be happy to point you in the right direction so you can get back to doing what you love. QuickBooks makes it simple to navigate allowing you to make the necessary changes to your account.

 

Making sure you're recording transactions the right way is a good method for preventing errors in your books. To ensure accuracy, I recommend reaching out to your accountant for expert advice. 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 in the community so other members can chime in and share their expert advice. Feel free to ask other questions in the comment s below. I'm here to help.

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