Good Day,
How do we record Bank Charges in Manager? It is not an actual payment and therefore can not be done with payments.
To do a Journal will not work either, because the Bank Account can not be selected.
Unless you have an unprecedented arrangement with your bank, it is a payment!
They just take the money from your account
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If you do bank imports (which I recommend), then you don’t need to do anything other than setup bank rules to allocate that transaction to your bank in other payee.
If doing manually, go to the payments tab and create a new payment, select other as the payee and put in your bank name and the details there. Even though the bank take the money, it is still a payment for your business.
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Unless you are talking about bank charges on a foreign exchange or transfer transaction, where the bank charges are bundled into the overall cost and may not be identified as such
Any bank charge even for Forex is a payment you make in this case to the bank.
Thank You for all the replies.
Should I do the same with long term liabilities?
In South Africa there is certain things to be paid like at year end. In the interrim I have set up liability accounts whereby I must reflect the monthly amounts into the Liability Accounts. Nearly like a monthly saving and then at the end of the year pay it with physical money. I call it Provisional Accounts. Although not physically paid it will show in the Balance sheet as a “saving” of the amounts, but the money is still in the bank untill the end of the year.
I think that you are raising a new topic, so please create a new topic. thanks
Ok Thank You