Process Deposit with bank fee deducted

FredLink

I'm trying to processs a deposit via receive payment but the bank has deducted a fee. How do I apply the fulll amount against the customer and account for the bank fee?

Steven_M

Hi @FredLink 

 

Here is the way I would record that transaction:

 

1. Go to Sales>>Receive Payment
2. Select Undeposited Funds option (top of the window)
3. Select the Customer
4. Enter the payment in full as you would normally
5. Record the Receive Payment transaction - this will put the transaction into the Banking>>Prepare Bank Deposit window
6. Within the Banking>>Prepare Bank Deposit window, select Deposit Adjustment
7. Using the Fees and Cash Back section into the amount, date, expense account and memo.
8. Select Record - this will generate a second transaction in the Prepare Bank Deposit which is a minus value
9. Tick the multiple transactions
10. Select Record

What the above process would do is make the customer payment in full but also generate an expense transaction to account for the bank charge. These transactions are then combined in a bank deposit to the main bank account to match what has occurred at the bank's end.