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Enter fees when reconciling foreign accounts

If your bank charges fees associated with foreign transactions, you need to account for these fees before you reconcile the account. You can either enter the total of the fees as a service charge when you reconcile the account or you can enter a check for the fees and then reconcile that check.

Enter the total fee amount using the service charge field

This option is best if you don't need to track your foreign bank fees separately from your standard bank fees.

  1. Review your bank statement and calculate the total foreign transaction fees you were charged. Add this amount to any other service charges your bank charged for a grand total of service fees.

  2. In the Begin Reconciliation window, enter the grand total in the Service Charge field.

  3. Enter the exchange rate listed on the statement.

  4. In the Account field, select the account you use to track your service charges.

Enter a check to record foreign transaction fees

This option is best if you want to track foreign bank fees in a separate account or if you want to enter each fee individually.

Note: A common method for entering transactions for accounts is to use the account register. Foreign account registers can't be used to enter transactions because they require an exchange rate.

  1. Before you reconcile the account, go to the Banking menu and click Write Checks.

  2. Select the foreign bank account you need to enter fees for.

  3. Enter a Pay to the Order of name (optional), enter the amount of the fees, assign an account to track the fees on the Expenses tab, clear the To be printed checkbox as needed, and enter the exchange rate used on the statement for the fees.

  4. Save the check. When you reconcile the account, this check will appear as uncleared and can be reconciled along with other checks.

10/26/2016 12:10:15 PM
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