What is the source document for recording bank charges? Skip to main content

What is the source document for recording bank charges?

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Question: What is the source document for recording bank charges?

The source document for recording bank charges is the bank statement. A bank statement is a monthly statement that a bank sends to its customers, showing the transactions that have occurred in the customer's account during the month. Bank statements include information such as the date of each transaction, the amount of each transaction, and the type of transaction.

Bank statements are important source documents for recording bank charges because they provide detailed information about all of the transactions that have occurred in the account. This information is used to reconcile the bank statement and to ensure that the company's accounting records are accurate.

Here are some of the bank charges that may be listed on a bank statement:

  • Monthly maintenance fees
  • ATM fees
  • Overdraft fees
  • Returned check fees
  • Wire transfer fees
  • Stop payment fees

When recording bank charges in the company's accounting records, the accountant will typically use the following steps:

  1. Review the bank statement to identify all of the bank charges.
  2. Record each bank charge in the appropriate accounting journal.
  3. Update the company's general ledger to reflect the new bank charges.

Recording bank charges accurately is important for a number of reasons. First, it helps to ensure that the company's accounting records are accurate. Second, it helps the company to track its expenses and to identify areas where it can save money. Third, it helps the company to prepare accurate financial statements.

In addition to the bank statement, there are a few other documents that may be used to record bank charges. For example, some banks may provide customers with a separate statement that lists all of the bank charges that have been incurred during the month. Additionally, some companies may have internal policies and procedures that require employees to submit documentation for certain types of bank charges, such as overdraft fees.

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