Charges Nobody Recorded, Posted Where They Belong
None of it is in the books until reconciliation day. Then it goes in as one lump with the word charges against it, and the month is closed on a guess.
Small amounts, all month long
A folio charge here, an SMS alert charge there, a cheque return fee, the GST on each. Individually none of it matters. Together it is a figure your profit statement has been ignoring since April, and it arrives on the statement whether anybody records it or not.
What gets picked off the statement
The charge and its GST
Both lines are posted, to the expense head and the input credit head your accountant names. He names them once, at set-up.
Cheque return fees
A returned cheque costs you and usually costs the party too. The fee is posted, and the returned instrument stays visible instead of vanishing into a charges total.
Overdraft interest
Interest debited on the limit account goes to its own head, month by month, so the cost of running the overdraft is a number you can look at.
The ones that repeat
A rule handles the charge that lands on the same day every month with the same narration. Nobody types it again after the first one.
What you get at month end
- Bank charges and interest posted for the month, account by account
- The statement line behind each posting
- Charges compared against the same month last year
- Entries exported for your accountant to bring into Tally
Frequently asked questions
Does it decide which ledger head a charge belongs to?
No. Your accountant decides that once, and the rule follows him after that. Anything new or unusual comes to the unmatched list with a question against it rather than being posted somewhere convenient.
Will it claim the GST on bank charges for us?
It posts the GST to the head you name, so the figure is in your books on time. Claiming it is your accountant’s work on the return, and no page here promises otherwise.
Our bank writes the narration differently every month. Then what?
Then a rule on narration will not hold, and those lines come to the unmatched list. Many are caught by amount and day instead. The rest are two clicks each.
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