Find out how to manage bills in Shine. Learn how to cancel, edit, or credit a bill, change payment dates, and post bank fees correctly to keep your bookkeeping accurate and VAT-compliant.
In this article, we will show you how to book a bank fee in Shine.
General practices
Bank fees can occur, for example, when sending payments abroad, as payment for having a business account or as payment fees for services.
These fees are exempt from VAT and should therefore be recognized without VAT. Fees will typically be booked in a fees account under financial expenses.
Post bank fees in Shine
Select Accounting > Daybook
Select the account for Fees
Select the VAT rate VAT-free purchase (0%) or just leave it as "VAT"
Write the amount under debit
Set your bank account as counter account
Click on Approve all
You have now recognized a fee paid on your bank account.
VAT rules for fees
Many businesses have experienced having to pay fees for having a bank account or as part of having a payment solution. Bank fees are typically quarterly, while payment solutions can take a percentage of your sales or use flat fees per transaction.
Bank fees, payment fees or fees from payment solutions are VAT-free, which means you can't deduct VAT on the fees.