You can book bank fees (late fees, for example) as an expense. The closest default expense category that we see used for this purpose is the 'Legal and Professional Fees' expense category.
The default expense categories match the IRS Schedule E form. REI Hub allows you to expand your chart of accounts as you deem appropriate. You can also create sub-accounts beneath the defaults to keep your reporting clean and flowing into the Schedule E categories. For example, you could create a new account called 'Bank Fees' as a sub-account of the 'Legal and Professional Fees' expense category.
To update your chart of accounts, open the right-side menu (3 horizontal lines next to your name in the upper right corner) and select the Chart of Accounts page. Click 'Add Account' in the upper right corner and follow the prompts!
Bank fees are a deductible expense, typically entered under the Legal and Professional Fees category
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Written by Adam Hamilton
Updated over a week ago