Recording bank fees and invoice payments
Simultaneously recording invoice payments and bank fees
It is possible to record bank fees at the same time as an invoice payment by adding adjustments during reconciliation.
View this reconciliation process in action, or read on below:
If you’ve received 95 AED for an invoice of 100 AED because the bank charged you 5 AED, you’ll want to record the invoice payment and the bank charges.
First, go to Bank transactions in the left side menu, then click on the Reconcile button of the relevant bank account. Look for the invoice payment transaction and click its Reconcile button.
Select the transaction corresponding to the invoice payment that you’ve received. To add the 5 AED bank charges adjustment against that transaction, click on Add adjustment, and from the Description drop-down menu, select the Bank Fees and Charges expense account, then click the Match selected button.
Your transaction’s status will change to Reconciled.
The bank charges you’ve recorded in your Bank Fees and Charges expense account will be added to your books.
- Importing your bank account and reconciling transactions
- Setting up an opening balance for your bank account
- Entering initial capital contributions
- Entering transactions in a bank or petty cash account
- Recording bank or petty cash transactions
- Exchange gain or loss for invoices in foreign currencies