Bank Fees

Entering Bank Fees using a Journal transaction

  1. From the main menu click Add and then choose Journal.
  2. The Add Journal screen will load.
  3. Enter the transaction date and set the contact as your bank.
  4. Enter a summary e.g. Monthly bank fees and charges.
  5. Add the following line items to represent the two entries required to capture the $5.00 bank fee:
    AccountTax CodeDebitCredit
    Asset: Sample Bank A/C— No Tax Code —5.00
    Expense: Bank Fees(choose tax code for your zone)5.00
  6. Save the transaction.

Entering Bank Fees using a Purchase transaction

  1. Select Add > Purchases.
  2. Set the first dropdown to Money out (Expense).
  3. Enter any required details for the invoice (eg the date, etc).
  4. Select the account you have set up for this type of transaction (eg Expense: Bank Fees).
  5. Select the appropriate tax code for your zone.
  6. In the Quick Payment section of the screen, enter the date the money was received and choose the appropriate bank account it went into (eg Asset: Rocketimo bank A/C).
  7. Save the transaction.