Forum Discussion

MichelleS_ECO's avatar
MichelleS_ECO
Trusted Cover User
2 years ago
Solved

Bank feed receive payment with bank fee, how to match?

Hello The issue is that the customer has paid the invoice however a bank fee has been deducted from the amount owing. Therefore instead of receiving the full invocied amount the amount in the bank ...
  • CloverQ's avatar
    CloverQ
    2 years ago

    Hi MichelleS_ECO 

     

    Thank you for the update.

     

    Once you record the Prepare Bank Deposit transaction of the net amount, you'll need to match the bank feeds transaction to the bank deposit transaction for bank reconciliation.

     

    Bank feeds is a means to make bank reconciliation more streamlined, the entire bank transaction amount can be quickly recorded as simple Spend Money/Receive Money transactions, or payments to open invoices/bills. A bank feed transaction cannot be matched/recorded as a withdrawal+ a deposit the same time - if that's what you are after - you do need to record them manually, then match the bank feeds transaction.

     

    I hope this clarifies it for you, do let me know if you have any further questions.

CloverQ's avatar
CloverQ
Former Staff
2 years ago

Hi MichelleS_ECO 

 

Whether the bank fee will appear as a separate line on the bank statement/bank feeds is up to the bank. Since your bank is sending the net amount after the fee is deducted, the idea is recording the transaction in the software to reflect what happens in real life. I'd suggest recording the payment received and the bank fee expense following the steps in this Help article: Merchant fees. The Prepare Bank Deposit transaction can then be matched to the bank transaction.

 

If you have any further questions please feel free to let us know.

  • MichelleS_ECO's avatar
    MichelleS_ECO
    Trusted Cover User
    2 years ago

    Hello Clover

    Thank you for your response to this issue. What you suggest I understand will accommodate the bank fee charges. However it does not address the bank feed entry which will remain in this instance.

    My issue was how the process could be achieve thru bank feeds. Or is it correct understanding that this process is not be possible thru bank feeds?

    Regards

    Michelle

    • CloverQ's avatar
      CloverQ
      Former Staff
      2 years ago

      Hi MichelleS_ECO 

       

      Thank you for the update.

       

      Once you record the Prepare Bank Deposit transaction of the net amount, you'll need to match the bank feeds transaction to the bank deposit transaction for bank reconciliation.

       

      Bank feeds is a means to make bank reconciliation more streamlined, the entire bank transaction amount can be quickly recorded as simple Spend Money/Receive Money transactions, or payments to open invoices/bills. A bank feed transaction cannot be matched/recorded as a withdrawal+ a deposit the same time - if that's what you are after - you do need to record them manually, then match the bank feeds transaction.

       

      I hope this clarifies it for you, do let me know if you have any further questions.