Why does the AMEX transaction amount show up less on the bank statement then it does on the transaction copy? How do I reconcile this as the amount received in QuickBooks is different?
American Express has service charges that are deducted at the same time as the deposit is put into the bank.
Let’s look at the following example and how to enter it in QuickBooks:
Amex transaction $128.73
Bank statement $124.55
1.At the Receive Payment screen, enter the full payment for outstanding invoice.
2. Make sure you select Undeposited Funds at the Deposit To Field.
3.Click Save & Close. * CLICK ON IMAGES TO VIEW FULL SIZE
4. Next step click on Deposit.
5. At the Payments To Deposit window select the payment to be deposited and click OK.
6. You will now be at the Make Deposit screen. On the next blank From Account line you are going to select your bank charges account, then subaccount service fees (create a subaccount for service fees if not already created).
7. On the bank charges line, enter 128.73 – 124.55, press Enter. You will now have 4.18. Put a negative (minus -) in front of 4.18 and press Enter .
Deposit total now matches bank statement $124.55
8. Click Save and close.