Forum Discussion

2 years ago

Process Deposit with bank fee deducted

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
2 years ago
Hi FredLink

Here is the way I would record that transaction:

Go to Sales>>Receive Payment

Select Undeposited Funds option (top of the window)

Select the Customer

Enter the payment in full as you would normally

Record the Receive Payment transaction - this will put the transaction into the Banking>>Prepare Bank Deposit window

Within the Banking>>Prepare Bank Deposit window, select Deposit Adjustment

Using the Fees and Cash Back section into the amount, date, expense account and memo.

Select Record - this will generate a second transaction in the Prepare Bank Deposit which is a minus value

Tick the multiple transactions

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.

Steven_M

Former Staff

Hi FredLink

Here is the way I would record that transaction:

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