Need to know if it's possible to enter a net deposit (where fees are taken prior to deposit) and enter the fees on a monthly basis only via journal entry

To save time I look at a deposit summary, enter the net deposits shown and move on.  However, I need to account for fees.  If i have to analyze every deposit for gross vs. net and record it every time there's a deposit, that burns time I don't have.  Is there a way to do a monthly journal entry to account for fees?

Answer

Let's start here: Don't use JE for Banking. Use the Banking menu for Banking. Don't use JE when Names are involved; not for AR, AP, QB Sales, Sales taxes, inventory or QB Payroll. You just bypassed Cash Vs Accrual Basis, as well.

Your Banking data does not clear in One Lump for the entire week or month. You want to see in your QB banking the same type of thing that happens in real life.

"I look at a deposit summary, enter the net deposits shown and move on."

That is not Sales. You did not capture Gross revenue.

"However, I need to account for fees."

Uh, yes, that also is missing.

If you don't want to use QB for any reporting by names, for sales, etc, then generic banking is fine. That is about 5% of the tools in the program you pay for. But you still have to use the tools to capture Gross, and end with Net, or your ability to file proper tax reporting is impaired.

"If i have to analyze every deposit for gross vs. net and record it every time there's a deposit, that burns time I don't have."

Well, let's review: This is Someone's Responsibility, in the US per the IRS. If you don't have time, then have someone else do it.

"Is there a way to do a monthly journal entry to account for fees?"

Nothing about banking is One Monthly entry.

You can summarize Sales, and you can make manual generic entries. That has to be capturing Gross.

Banking is the result of All activity and is the Net, taking all Gross activities into consideration.

And waiting for the Bank entries isn't even correct, either. Example:

You write a check in Nov and I cash it in Jan. That is your Nov expense for tax reporting.

You make one deposit entry for June, but some of that isn't on the June Statement. Or, worse, some of your funds are Sales Taxes, not Sales, or even Rebates of your own spending.

If you want to Gloss over all of this, perhaps it is time to hire someone to work with the details. Not everyone should do their own bookkeeping.

I went to a Kinko's and saw a structural engineer making his own photocopies, for over an hour. Instead of doing Engineering that bills out at over $150 an hour, and hiring a part-time clerk to come in the afternoons to take care of copies and shipping, he did this for himself. What a waste of professional time.


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