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 Online:
Amex transaction $128.73
Bank Statement $124.55
1. Click on the Customer tab.
2. Select the customer from the list and click on Receive Payment link on right side.
3. Make sure you select Undeposited Funds at the Deposit To Field.
4. Click Save & Close. *CLICK ON IMAGES TO VIEW FULL SIZE
6. Make sure to click in the field to the left of customer name.
7. Next go to the Add New Deposits area of Deposit screen.
8. Under the Account field select Service Fees (create account Service Fees if not already created).
9. On the Service Fees line under the Amount column enter (minus) -4.18.
10. Deposit total now matches bank statement $124.55
11. Click Save & Close.