QB Issue Resolution:

Hi there @T1gerK:

@lynda and I want to help you (and others) out with your tricky transaction.  So, it is our understanding that you paid your vendor using an expense and then the payment was sent back with the fees deducted from the bank.  Your original bill from your vendor was $1,500.00.  You paid $500 and then that payment was returned as $455 and a bank fee charged for $45.00.  You wanted to know how to show the correct total bill paid and reflect the bank charges as well.

In this video, we walk you thru the above scenario and demonstrate how to tackle this intricate transaction.

Basically, you need to do the following:

 

First we demonstrate the initial bill in the system for 1500.00 and the previous payment for 1000.00 This leave you with an outstanding balance of $500 on the bill.

 

  1. Pull up the vendor that had the bill, in our example we used your screen name. and locate the expense that was pushed through the bank feed but not matched as a bill payment.
  2. Go to the expense (wire) of $500.00, open it and add the bill from the tray to turn that expense into a bill payment. This will make the bill paid in full
  3. Now to document the returned wire transfer:
  4. Go to the bank feed screen.
  5. Find the deposit transaction for $455 (which was the $500 -$45 fee).
  6. Open it by clicking “add” and then click the split button on the screen.
  7. Add the vendor name FIRST and then the account accounts payable there for the first line.
  8. Enter the amount of $500.
  9. Drop down a line and add the expense for the bank fee to bank service charges and a minus -$45.00 line item.   This will make the transaction net at $455.00
  10. Once you complete and save all the steps above , it will raise the balance for that vendor back up by the $500 that was returned.
  11. Go back to the vendor and pay the remaining balance of $500.00. against the Accounts Payable Balance.

 

Now, we hope that we understood your question.  If not, please reach out to us.  We are here to help you!

Resolution for Issue 'Trying to resolve an issue. A $500 wire payment was made to a client and was recorded as an expense as there was no actual bill received. That wire was reversed as it was sent to an incorrect account. The bank, of course, deducted fees for the reversal from the amount so only $455 shows being deposited back to the checking account. How do I enter the transactions/deposit to show under the client account so it displays that the total amount paid to the client is only $1000 and not $1500 (a corrected wire was sent the next day and then another payment sent at a later date)? If the transactions were the same amount, I would just exclude them, but since they aren’t, I’m not sure how to handle correctly. Screenshot attached to show what I mean.' available: Yes (Solved).
Source: Intuit Community forum.

Trying to resolve an issue. A $500 wire payment was made to a client and was recorded as an expense as there was no actual bill received. That wire was reversed as it was sent to an incorrect account. The bank, of course, deducted fees for the reversal from the amount so only $455 shows being deposited back to the checking account. How do I enter the transactions/deposit to show under the client account so it displays that the total amount paid to the client is only $1000 and not $1500 (a corrected wire was sent the next day and then another payment sent at a later date)? If the transactions were the same amount, I would just exclude them, but since they aren’t, I’m not sure how to handle correctly. Screenshot attached to show what I mean.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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