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A service fee is only shown on the bank statement which journa do i use?
To record a service fee that only appears on the bank statement, you would typically use the "Bank Charges" journal or "Miscellaneous Expenses" journal, depending on your accounting system. This reflects the expense incurred due to the bank's service fee. You would debit the relevant expense account (like Bank Charges) and credit your bank account to accurately reflect the deduction.
How do you request for bank statement?
You contact (call, write, email) the bank where you hold the account and ask for a statement of your account. Some banks charge a fee for this service so don't forget to ask about any charges to get a statement.
What does fee wd mean on online bank statement?
"Fee WD" on an online bank statement typically stands for "Fee Withdrawal." This notation indicates that a fee has been deducted from your account, often related to services such as account maintenance, overdrafts, or ATM usage. It's important to review the details of the fee to understand its purpose and to ensure it aligns with your account terms. If you have questions about specific charges, contacting your bank's customer service can provide clarity.
Can a bank service fee overdraft your account?
A bank service fee can make your account negative. Whether or not they will assess an additional "overdraft fee" depends on the bank's policies and applicable laws in your jurisdiction.
What is a fee charged by a bank for a service?
A fee charged by a bank for a service is typically referred to as a service fee or account fee. This can include charges for account maintenance, overdrafts, ATM usage, wire transfers, or processing checks. Such fees help banks cover operational costs and can vary based on the type of account or service provided. Customers should review their bank's fee schedule to understand the costs associated with their accounts.
What does moneybox stand for on a bank statement?
Moneybox stands for a cash point on a bank statement. Cash points are usually stand alone ATMs that charge a small fee.
What does tomc mean on your bank statement?
Tomc is not a common abbreviation on a bank statement. You can contact your local bank for a list of terms related to bank statements. Examples of commonly found abbreviations on a bank statement are TRF, DR, and CHG. TFR stands for transfer, DR is a debit, and CHG is a charge or fee from your bank.
What does stz mean on a bank statement?
"STZ" on a bank statement typically refers to a transaction code or description related to a specific type of transaction, such as a service fee, a payment made through a specific platform, or a merchant name. The exact meaning can vary by bank, so it's best to consult your bank's transaction code guide or contact customer service for clarification. If you're unsure about a transaction, it's advisable to review it further to ensure it aligns with your records.
What would appear in the Debits column of a bank statement for a checking account?
An online bill payment APEX
What does Q mean on bank statement?
The letter "Q" on a bank statement typically indicates a transaction that is categorized as a "qualified" transaction. This can refer to certain types of payments or deposits that meet specific criteria, such as being eligible for a particular type of interest rate or fee waiver. However, the exact meaning can vary by bank, so it’s best to consult your bank's glossary or customer service for clarification.
Can you explain how overdrafts work in banking?
An overdraft occurs when you spend more money than you have in your bank account. The bank covers the difference, but charges you a fee for this service. You then owe the bank the amount of the overdraft, plus the fee.
What is a Cg on bank statement?
A "Cg" on a bank statement typically stands for "Charge." It indicates a transaction where a fee or payment has been deducted from the account. This could include various types of charges, such as service fees, transaction fees, or payments made using a debit card. Always check the details of the transaction for clarification on the specific charge.
