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MYOB/Quickbooks – Refunded Bank Fee – How Do I Enter That?
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Published on Tuesday, 07 May 2013 14:03
A client emailed: We paid a bank charge of $12.00 for a special clearance on a cheque. It took longer to clear than a normal cheque deposit with no special clearance so when I questioned it, the bank reversed the payment. What is the best way for me to enter this?
Answer: A couple of ways to deal with it -
- You can delete the original fee charged (if on the same statement/period) as the debit and credit cancel each other out;
- If the refund to you was later, on another statement, you will have reconciled the first charges already, so in this period you create a deposit Ctrl+D in MYOB, or Company > Journal in QBooks, and allocate the fee back to bank charges account. This will reverse the earlier charges. Note watch your tax code is the same as the original fee (it should do that automatically as the code on the account is usually picked up automatically).
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