Expense Category
Professional Services
What expense category are bank fees?
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This is a difficult question to answer definitively because it depends on the specifics of your business and how you categorize your expenses. However, we can provide some guidance on which expense category is most likely to be appropriate for bank fees.

Possible Expense Categories for Bank Fees

There are a few possible expense categories that bank fees could fall into, depending on your business and how you categorize your expenses. These include:

  • Operating expenses
  • Administrative expenses
  • Financial expenses

Which Expense Category is Most Appropriate for Bank Fees?

The most appropriate expense category for bank fees will likely depend on the specific details of your business. However, we generally recommend categorizing bank fees as financial expenses. This is because bank fees are typically considered to be expenses that are incurred in the course of running your business, and are not directly related to the production of your product or service.

Other Considerations

When categorizing bank fees as an expense, it is important to consider how the fees are charged. For example, if you are charged a monthly service fee by your bank, you may want to categorize this fee as an administrative expense. However, if you are charged a fee for each transaction you make, you may want to categorize this fee as an operating expense. Ultimately, the goal is to categorize expenses in a way that makes sense for your business and provides insights into your business operations.

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As we scale we need tools that are built to scale with us - we need to see expenses real time, we need to see duplicate spend. These types of insights are important to the health of our business.
Steve Padis, SVP Finance & Strategy, Barry's
The information provided in this article does not constitute legal or financial advice and is for general informational purposes only. Please check with an attorney or financial advisor to obtain advice with respect to the content of this article.

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