In this article, we will show you how to book a bank fee in Shine.

General practices

Bank fees can occur, for example, when sending payments abroad, as payment for having a business account or as payment fees for services.

These fees are exempt from VAT and should therefore be recognized without VAT. Fees will typically be booked in a fees account under financial expenses.

Post bank fees in Shine

• Select Accounting > Daybook
• Select the account for Fees
• Select the VAT rate VAT-free purchase (0%) or just leave it as "VAT"
• Write the amount under debit
• Set your bank account as counter account
• Click on Approve all

You have now recognized a fee paid on your bank account.

VAT rules for fees

Many businesses have experienced having to pay fees for having a bank account or as part of having a payment solution. Bank fees are typically quarterly, while payment solutions can take a percentage of your sales or use flat fees per transaction.