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Q: How do you record industrial funding fee transactions?
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Continue Learning about Accounting

Is the VA funding fee tax deductible?

See this link - IRS pub. 936 p. 7. Very well explained. http://www.irs.gov/pub/irs-pdf/p936.pdf Hope this helps! "Mortgage insurance provided by the Department of Veterans Affairs is commonly known as a funding fee."


What checking account fees can be avoided through good record keeping?

The most prevalent fees that can be avoided through good record keeping are overdraft fees. By keeping track of checks you've written and electronic debits you have authorized, you can be sure that your checking account still has money after all the transactions are processed. In this way, you are not charged an overdraft fee because your account is never "in the red"- avoid a negative balance and you won't get charged the fee.Many checking accounts charge monthly fees, but some accounts waive the fee if you maintain a certain balance. By keeping good track of your balance, you will know whether you will be charged the monthly fee or not before your statement comes in.


What is the accounting journal entry to record membership subscription fee?

debit subscription feecredit cash


What are the base merchant account fees?

The transaction fee is a flat, per transaction fee that is charged on each transaction along with the processing fee. This can range from zero dollars and up, but is usually about $.22 for swiped accounts and $.25 for keyed accounts. It is commonly called a transaction fee or authorization fee. It is charged on all approved or declined transactions as well as batches and returns. It is basically a fee to access the processing network, therefore is charged every time the network is accessed.


What is the accounting journal entry to record audit fees?

If paid in cash use the following accounts: A debit to Audit Fee Expense A credit to Cash If the fee is going to be paid at a later date use the following accounts: Debit to Audit fee expense Credit to Audit fee payable Once the fee is paid then we use the following accounts Debit to Audit fee payable Credit to Cash a/c

Related questions

What is the industrial funding fee?

The industrial funding fee is a charge imposed by the federal government on contracts awarded to contractors under civilian agency or Department of Defense contracts. It helps cover the costs associated with administering government contracts and conducting audits. The fee is typically a percentage of the contract value.


What is processing fee?

It is the fee related with the dispensation of any credit card transactions.


Is there a fee for debit card transactions?

It depends on what bank you use.


Is there a fee for ATM transactions at chase Manhattan bank?

chase manhatten bank charge a fee for atm withdrawals


Is the VA Funding Fee considered Mortgage Insurance for tax purposes?

no,


What is the first time veterans loan purchase funding fee?

january31,2009


What is fee based transactions?

A fee basis transaction is where a customer hires a person to do a job at a flat rate. An attorney /client arrangement is a fee based transaction.


Where can I find a ach software where they offer a small fee for business to business ach transactions?

You can find a ach software where they offer a small fee for business to business ach transactions at www.PaySimple.com/ACH. Another good site is en.wikipedia.org/wiki/Automated_Clearing_House


Which player joined R Madrid for a world record fee?

the world record fee for a player to go to Real Madrid the player was Ronaldo.


What can you tell me about settlement funding?

Settlement funding is a great way to get a lump sum versus waiting for payments. Keep in mine thee is normally a sizeable fee for this service.


What percentage of disability is needed to waive a VA funding fee on home loans?

To waive the VA funding fee on home loans, a VA loan borrower must be receiving compensation for a service-connected disability rated at 10% or higher. This means at least a 10% disability rating is needed to qualify for a waiver of the VA funding fee.


What is the journal entry to record a retainer fee?

Debit retainer fee expenseCredit cash / bank