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March 6, 2022
Question

Monthly Bank Service Fees - Debit and Credits on Balance Sheet

  • March 6, 2022
  • 1 reply
  • 3 views

We are into the second month of using quickbooks.  We are linked to our chequing account and have categorized monthly bank fees as Transaction type: EXPENSE and Category: Bank Charges.  On the balance sheet this shows up properly as a credit transaction in the Assets section but there is no matching debit transaction showing in the Liabilities and Equity section.  Any ideas why and where to look or do I just need to do a journal entry for the debit transaction?

1 reply

LeithG
Level 2
March 8, 2022

Hi Darcy B

 

As an expense, this will show up in your Expenses in the Profit and Loss Statement, not on your balance sheet.

Hope this helps!