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Contributing User
Jazza
Posts: 10
Registered: ‎14-08-2010
Australia
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How do I enter bank fees?

I'm fairly new to MYOB and am having trouble working out how to enter bank fees into MYOB so I can do the bank reconciliation.  Can someone please advise.

 

Thanks

 

 

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Ultimate Partner
Clive
Posts: 3,277
Registered: ‎11-01-2007
Australia
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Re: How do I enter bank fees?

Hi Carole,

 

Spend Money - use FEE as the cheque number and allocate to the bank fees & charges account.

 

Regards

Clive Williams

MYOB Certified Consultant & Accredited Trainer; Ostendo Consulting Partner
Cert IV Financial Services (Bookkeeping); Cert IV Training & Assessment; BAS Agent 92620 006
Providing on-site MYOB support in Sydney, the Blue Mountains and Hawkesbury
Remote support available for MYOB throughout Australia
Mobile: 0418.657.833 AH (02) 4754.4151
email: clive@crwservices.com.au website: www.crwservices.com.au
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Ultimate Partner
Julie_A_C
Posts: 2,615
Registered: ‎07-09-2010
Australia
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Re: How do I enter bank fees?

Hi Jazza

 

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.

Julie Carter AIPA, BBus(Acctg),
MYOB Professional Partner, Registered BAS Service Provider
Associate Member of Institute of Public Accountants
ph: 0417 927 654 email: accuratebooks7@gmail.com
Accurate Books Always (Servicing from Leederville to Pinjarra, Fremantle to Armadale WA)
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Experienced User
Action
Posts: 74
Registered: ‎08-11-2010
New Zealand
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Re: How do I enter bank fees?

What name do you put on the card file, Bank Fees?

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Ultimate Partner
Clive
Posts: 3,277
Registered: ‎11-01-2007
Australia
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Re: How do I enter bank fees?

Hi Emma,

 

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.

 

Regards

Clive Williams

MYOB Certified Consultant & Accredited Trainer; Ostendo Consulting Partner
Cert IV Financial Services (Bookkeeping); Cert IV Training & Assessment; BAS Agent 92620 006
Providing on-site MYOB support in Sydney, the Blue Mountains and Hawkesbury
Remote support available for MYOB throughout Australia
Mobile: 0418.657.833 AH (02) 4754.4151
email: clive@crwservices.com.au website: www.crwservices.com.au
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Ultimate Partner
Julie_A_C
Posts: 2,615
Registered: ‎07-09-2010
Australia
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Re: How do I enter bank fees?

Hi Emma,

 

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.

Julie Carter AIPA, BBus(Acctg),
MYOB Professional Partner, Registered BAS Service Provider
Associate Member of Institute of Public Accountants
ph: 0417 927 654 email: accuratebooks7@gmail.com
Accurate Books Always (Servicing from Leederville to Pinjarra, Fremantle to Armadale WA)
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Valued Partner
Kerry_Black
Posts: 453
Registered: ‎15-01-2007
Australia
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Re: How do I enter bank fees?

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 :-)

Cheers,
KerryAnn Black
MYOB Certified Consultant
Bankstown NSW Ph: 02 9796 3500 Mobile: 0414 905 517
Email: kerryannblack@gkmee.com
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