Did your bank charge you a fee for a customer’s payment? If so, you’ll need to record it. Customers can’t predict whether or not banks will charge you a fee. Maybe the customer made a wire transfer, in which case your bank added a fee to your account. Regardless, it’s important to record fees such as this so that they don’t throw off your financial records. Fortunately, you can easily record bank fees in Quickbooks by using an adjustment note.
Create a New Expense Account
To get started, log in to Quickbooks and create a new expense account. From the “Accounting” menu, choose “Chart of Accounts,” followed by “New.” Next, select the option to create a new expense account. After giving the expense account a memorable name, such as “bank fees,” click “Save” to complete the setup.
Create a Product
Now it’s time to create a product. Click the gear icon in the corner of Quickbooks Online and choose “Products and Services.” From there, click “New” and choose “Product,” after which you’ll have to give a name. Finally, add the new product to the expense account created in the previous step. You can then click “Save” to finish creating the product.
Create an Adjustment Note
With the expense account and product created, you can proceed to create an adjustment note. An adjustment note, of course, is a type of memo that adjusts the balance of an invoice. When you are charged a bank fee — or other unexpensed fee associated with a transaction — you can use an adjustment note to record it.
To create an adjustment note, click the (+) icon in Quickbooks Online and choose “Adjustment Note.” Next, select the option for “Customer” and choose the product that you created in the previous step. You can then add the amount of the bank fee to your adjustment fee. If your bank charged you for $15, for instance, enter $15 in the amount field.
Connect Adjustment Note to Invoice
The final step involves connecting the adjustment note to the customer’s invoice. This is done by clicking the “Sales” menu, selecting “Customers” and choosing the invoice from which you incurred the bank fee. After selecting “Make Payment,” you can connect the adjustment note to the invoice. Simply untick the box so that Quickbooks recognizes the fee as originating from the invoice.
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