How do I process a bank service fee transaction?

When your bank charges a service fee (typically automatically once a month from your company's bank account), you need to process the corresponding bank transaction visible in your UKKO account by creating a new expense.

You can create a new expense either directly from the "Account transactions" page by assigning the transaction to a new expense, or from the "Expenses" section by clicking "Add Expense".

For the expense created for the bank service fee, attach a receipt from your online banking service or a screenshot of the bank statement. The attachment must clearly show what the bank service fee consists of and whether any VAT has been included in the charge.

Bank service fees are usually VAT exempt (0% VAT), but some banking services may be subject to VAT. Therefore, it is important that the attachment shows the applicable VAT information and any different VAT rates separately.

If the service fee includes charges subject to different VAT rates, please also itemize them within the expense itself. In practice, this means creating one line item per VAT rate, with each line containing the total amount for services subject to that VAT rate. Finally, verify that the combined total of all line items matches the bank service fee charged by the bank, ensuring that the bank transaction can be assigned correctly.