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book-verticalbal
November 25, 2020
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One of my business expenses is a bank account maintenance fee - under what expense category would that go?

  • November 25, 2020
  • 2 replies
  • 0 views
Original commenter did not share additional details
Best answer by SarahannC

Hello there, book-verticalbal.

 

In QuickBooks Self-Employed, you have options to categorize fees. It depends on where you would like them to record. You may want to use the Other essentials and Fees categories for the maintenance fee of your bank account. Here's how:

 

  1. Locate the transaction and select Business type.
  2. In the Category column, select Fees, Other essentials, or other options that fit for the maintenance fee.

 

For more details and tips, you can check this article: Learn how to categorize the transactions in QuickBooks Self-Employed (QBSE). To learn more about managing transactions within your book, you can visit these articles:

 

 

Let me know if you have other questions. Take care always and stay safe.

2 replies

S
SarahannCAnswer
November 25, 2020

Hello there, book-verticalbal.

 

In QuickBooks Self-Employed, you have options to categorize fees. It depends on where you would like them to record. You may want to use the Other essentials and Fees categories for the maintenance fee of your bank account. Here's how:

 

  1. Locate the transaction and select Business type.
  2. In the Category column, select Fees, Other essentials, or other options that fit for the maintenance fee.

 

For more details and tips, you can check this article: Learn how to categorize the transactions in QuickBooks Self-Employed (QBSE). To learn more about managing transactions within your book, you can visit these articles:

 

 

Let me know if you have other questions. Take care always and stay safe.

F
Flyin Ryan Freestyle
May 2, 2021

This option doesn't exist anymore in the section within Fees.

A
Anonymous
October 28, 2021

I've been placing mine in Membership/subscriptions under Other Essentials. I don't always have that service charge. It's only when the credit union account get's below a minimum balance that the bank charges me $5 for that month. Any thoughts?

Jen_D
Jen_D
October 28, 2021

Thanks for joining this thread and sharing your concern with us, @1768726.

 

It is essential to use the right categories to report the amounts accurately when you file taxes. Sharing some insights to help you with your transaction categories.

 

If you're unsure where to post memberships/subscriptions or having a hard time categorizing tricky transactions, we always recommend working with a tax professional to decide how to account for these transactions. We can only give you some basic accounting help here in this forum, but they can guide you with in-depth details.

 

Anyway, you can review everything in this category at the end of the year. You can use TurboTax or the tax professional's help to post the entries correctly.

 

You can check these articles about expenses and how to categorize them:

 

 

Please post here again if you have other Self-Employment concerns. We're always here to help you out. Have a nice day!

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