Sir,
How can we track bank charges that we pay to the bank at the time of any payment to supplier.
Example, I have received an ITEM from the supplier for $1,200.00 and When I make the payment there is bank charges of $25.00. Do I need to prepare the Manual Payment of 1,225.00? How can I make the transactions of these sort of payments ?
*This post is locked for comments
I would create an charge code that would go to bank charge GL. And I would add that charge to the PO invoice.
you can create 2 charges, 1 that you would use if you need to add the cost to the item, and the other one can be created to affect the vendor balance.
Hi Bill Campbell,
It depends, Some times we pay as an extra amount as Bank Charges, Some times it could be included as cost of the item as well as I need to show the whole amount into the supplier ledger.
Is it possible to include the bank charges by making changes in the distribution level?
Do you send the 1,200 to the Supplier and 25 to the Bank - Correct?
In this case I would do the Supplier payment and the payment for the bank charges as two separate transactions.
The accounting question you need to answer is do you make the 25 part of the cost of the item, or simply a bank charge as part of the cost of overall doing business? YOu will want to talk to the accountant for the company to get that advise.
As to preparing the payment. I would believe that since the invoice for the item was 1,200 in purchasing, then the payment (check / eft / bank draft / manual check) should also be for 1,200 and not make it more complicated.
Let me know if this makes sense in your business application and if needed we can provide more assistance.
Stay up to date on forum activity by subscribing. You can also customize your in-app and email Notification settings across all subscriptions.
#1
André Arnaud de Cal...
291,280
Super User 2024 Season 2
#2
Martin Dráb
230,214
Most Valuable Professional
#3
nmaenpaa
101,156
Share
Report
All responses (
Answers (