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Categories explained: Bank Fees 🏦
Categories explained: Bank Fees 🏦
Steven Anderson avatar
Written by Steven Anderson
Updated over a week ago

You might be charged by your Bank monthly fees or they might take a fee when you make certain transactions, these fees should be allocated here.

What's included

  • Bank charges on incoming or outgoing transactions.

  • Bank fees that are charged to you on foreign transactions.

  • Monthly Bank maintenance fees

What's not included

  • Interest on loans or overdrafts should be recorded in the Interest Paid category.

  • Gains or losses on foreign currency transactions should be recorded in the Exchange Rate Variance category.

How is it taxed?

The amount is deducted from your pre-tax profits as is.

Tax tips

Nothing too tricky about this one, just categorise those bank fees that hit the account.

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