Record Your Bank Fees

You can record your bank fees for accounting, reporting, and account reconciliation purposes. 
 

Record Operating Bank Fees

To record operating bank fees, add an operating bank withdrawal transaction.

  • From the Type field’s drop-down, click Adjustment-Out.
  • rom the Method field’s drop-down, click Error-Bank.
  • In the From field, enter the bank name.
  • In the Memo2 field, enter an appropriate internal note.
  • From the Account field’s drop down, click 6075: Bank & Merchant Service Charges or the appropriate account based on your firm’s setup. 

Record Trust/Escrow Bank Fees

You must associate trust transactions with a matter, so you must use an administrative matter to record bank fees.
 
To record trust/escrow bank fees:
 
  1. Create a personal buffer in trust within which you can account for bank fees.
  2. Create a matter’s trust withdrawal transaction for your personal buffer matter.
    • From the Date field’s drop-down, click the date the bank posted the fee.
    • In the Amount field, enter the fee.
    • From the Type field’s drop-down, click Adjustment-Out.
    • From the Method field’s drop-down, click Error-Bank.
    • In the From field, enter the bank’s name.
    • In the Memo2 field, enter an appropriate internal note.
Note

If the account lacks sufficient funds to cover the fee, the system produces an error message:

 

Updated on March 21, 2022

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