Recording bank fees on NetSuite with the following scenario:
· Navigate to Transactions > Customers > Accept Customer Payments
· No option to record a Bank Service Charges / Bank Fees in this transaction type
· Enhancement 102645 has been created to request : Transactions > Accept Customer Payment : Ability to expense a bank fee on the Customer Payment screen
To record Bank Service Charges/ Bank Fees in NetSuite:
Option 1:
Use a Journal Entry
· Navigate to Transactions > Sales > Create Invoices
· GL Impact:
· Debit Accounts Receivable 100.00
· Credit Sales 100.00
· Navigate to Transactions > Financial > Make Journal Entries
· GL Impact:
· Debit Bank Service Charge (Expense account) 10.00; select Customer linked to this Journal in Name Column.
· Credit Accounts Receivable 10.00; select Customer linked to this Journal in Name Column.
· Navigate to Transactions > Customers > Accept Customer Payments
· Mark the Apply checkbox for the Invoice(s) / Journals to be paid under the Apply tab > Invoices sub tab
· Mark the Journal Entry with the debited Expense account under Apply tab > Credits sub tab
· Save the Payment
· GL Impact:
· Debit Undeposited Funds / Bank Account 90.00
· Credit Accounts Receivable 90.00
Option 2:
Use the Bank Reconciliation
· Enter the Bank Service Charges during the Bank Reconciliation
· Navigate to Transactions > Bank > Reconcile Bank Statement
· Enter the pertinent data in the Bank Reconciliation
· Clear the transactions that will be reconciled
· Enter the Expense account and amount for the Bank Service Charge under the New Charges tab
· Save the reconciliation
· New journal entry created from the reconciliation will have:
· GL Impact:
· Debit Bank Service Charge 10.00
· Credit Bank Account 10.00
Option 3:
Use a Bank Deposit
· Create the Invoice via Transactions > Sales > Create Invoices:
· GL Impact:
· Debit: Accounts Receivable 100.00
· Credit Sales 100.00
· Create the Customer Payment via Transactions > Customers > Accept Customer Payments:
· GL Impact:
· Debit: Undeposited Funds 100.000
· Credit: Accounts Receivable 100.00
· Create the Customer Deposit via Transactions > Bank > Make Deposits:
· Enter the Expense account and amount for the Bank Service Charge under the Cash Back tab
· Mark the Payment for Deposit
· Hit Save
· GL Impact:
· Debit: Bank Account 10.00
· Credit Bank Service Charge 10.00
Option 4:
Use a Journal Entry
· Navigate to Transactions > Financial > Make Journal Entries
· GL Impact:
· Debit Bank Account 10.00; select Customer linked to this Journal in Name Column.
· Credit Bank Service Charge 10.00; select Customer linked to this Journal in Name Column.
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