Setting Default Bank Fees Account
The recording of transaction fees has been automated. This automation will save more time, allowing you to focus on other important tasks.
To automate recording of bank fees:
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Go to SuiteBanking > Setup > Preferences > View Preference record > New Account Preference.
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In the Bank Fees Expense Account list, select a default expense account.
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Click Save.
A journal is auto-created when HSBC confirms posting of the monthly invoice payment, typically every 21st of the month or the next business day.
Note:
If Journal Entry Approval Routing is enabled, the journal is routed for approval. The journal is posted only after approval. For more information, see Auto-Funding and Money Transfers Journal Entry Statuses.
Related Topics
- Setting Up Payment Automation
- Installing the Payment Automation SuiteApp
- Applying for an HSBC Online Account
- Generating Payment Tokens
- Auto-Funding
- Vendors
- Setting Up Vendor Payment Approval Routing
- Setting Up Batch Approval Routing
- Setting Up Two-Factor Authentication (2FA)
- Setting Up Roles and Permissions
- Setting up a Custom Role to Make Money Transfers
- Setting Default Department, Class, and Location Values
- Setting Email Preference
- Frequently Asked Questions about Payment Automation