How to process Bank Fees or Interest in Palace

Sometimes a bank fee is charged or interest is given and you need to record it in Palace in order to reconcile. 

First you need a place to store or take the money from. The best bet is to make an Internal Owner

You need to add an owner in Palace and name it Bank Fees or Just Bank
Owner_bank.PNG

  • set the payment type to Hold
  • Set the statement type to none

Then Add a property and name this Bank Fee or just bank

  • Set the management type to Casual 
  • Say yes to the pop up to remove fees

Property_bank.PNG

Note: if you are using this "Bank Fees" to take money from (Do a payment) then you will need to make sure this property has a balance. Most people just bring over say $30 from their Trading Account. 

 

Processing the Bank fees or Bank Interest

The transaction you will use will depend on if money is coming into the bank or leaving it. 

First example is for Bank Fees leaving the bank

  • Go to transactions
  • Select Payment Owner
  • Choose the owner "Bank Fees"
  • Enter in the amount
  • then Process
  •  

If the bank has put money into your account, then do the following Transaction

  • Go to Transactions-
  • Select Receipt owner
  •  Choose the owner "Bank Fee"s
  • Enter in the amount
  • then Process

These transactions will make entries in your Bank Rec screen so you can reconcile

 

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