12-10-2010 04:46 PM
Spend Money - use FEE as the cheque number and allocate to the bank fees & charges account.
15-10-2010 11:01 AM
Enter bank fees as per Clive's message but just make sure you code correctly as to GST. Most bank fees have no GST but some do. Merchant fees all have GST, amex fees have GST, direct debit fee charged each time you upload an ABA file at the Bendigo Bank have GST, quickline fees with Commonwealth Bank have GST, Westpac's online banking fee has GST etc etc. Commonwealth puts a (T) next to their bank fees that have GST. Bendigo sends a tax invoice at the end of the month for all the direct debit fees charged during the month.
Check with your bank if you are unsure. Just make sure that you get back from the ATO what you should get back. I always tell my clients that I would rather a cent in their pocket rather than the Tax man's pocket.
13-12-2010 08:35 AM
Bank fees is fine, the name of the bank is fine, using no card is fine - there is no technical requirement to use a card when doing a spend money or receive money transaction.
13-12-2010 09:21 AM
While Clive is right saying that you do not need a card to attach the entry to in spend money, it makes it a lot easier to track the entry down if it is attached to a card.
While you could find the entry via 'find transactions' using the account number, if you have slipped and entered the wrong account or wrong date you would have numerous accounts/entries to vet to find an entry, but if you were in the habit of attaching the entry to a card it would be much simpler to locate.
The name of the card is your choice, but keep it simple. Don't for example do as I have seen at some places, and have a separate card for every type of bank fee (eg transaction fee, overdraft service fee etc), just Bank Fees or CBA is enough, the memo can say more detail if really required.
13-12-2010 12:26 PM
Can I just make one extra suggestion to the great suggestions before on this post, if you have both GST FRE and GST bank fees, setup a separate account for each of these i.e. one called Bank Charges for those that are FRE and one called something like Credit Card and Merchant Fees for those that attract GST, this will make things simpler for anyone reviewing the file and for your accountant at year end :-)
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