Account Keeping Plus – Business Administration, Bookkeeping, Compliance News & Tips MYOB Reckon Quickbooks Xero Software Training Small Business

Making Business Books and Accounting Come Alive! MYOB Reckon Xero

Bank fee refunded – how enter in the accounts?

Leave a comment

Client emailed:

We paid a bank fee of $16.00 for a special clearance on a cheque. It took longer to clear than a normal cheque deposit with no special clearance so the bank reversed the payment. What is the best way for me to record this.


  1. You can delete the original fee charged if on the same statement/period, as the debit and credit cancel each other out
  2. If the refund to you was later, on another statement, you will have reconciled the first charges already, so in this period you need to 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. 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)

Author: Account keeping plus (Business accounting software

Administration, Bookkeeping and Compliance for small business, and Self-Managed Super Funds (SMSF) Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, Free support 30 min call 0407 361 596 Australia (+61 drop 0 from overseas) MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s