Entering Bank Fee and Interest Charges in QuickBooks QBi

Question

How do I enter Bank Fees and Interest Charges with a tax amount in QuickBooks QBi?

Answer

A General Journal Entry must be used to record bank fees and interest.


To enter Bank Fees;


  1. From the Company menu, select Make General Journal Entries...
  2. Under the Account field, select the Expense account used for tracking bank charges (e.g. Bank Fees)
  3. Enter the amount of the bank fees (excluding the tax amount) in the Debit field, followed by the tax item in the Tax Item field
  4. Tab to the following line, in the Account field enter your Bank account.
    The Credit field will automatically enter the amount entered into the debit field plus the tax amount
  5. Click Save & Close to record the Journal Entry

To enter Interest Earned;

  1. From the Company menu, select Make General Journal Entries...
  2. Under the Account field, select an Income account used for tracking interest (e.g. Interest Earned)
  3. Enter the amount of interest earned (excluding the tax amount) in the Credit field, followed by the tax item in the Tax Item field
  4. Tab to the following line, in the Account field enter your Bank account.
    The Debit field will automatically enter the amount entered into the credit field plus the tax amount
  5. Click Save & Close to record the Journal Entry

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