A bank fee cut-off review starts by identifying what the charge relates to and when it appears in the records. Keep the bank statement and fee advice, then ask the accountant whether the current or earlier period needs an entry. Do not force a month-end reconciliation to balance by inserting an unexplained charge.

Accounting records, calculator and glasses on a desk
Illustrative photograph by Cht Gsml.

Capture the actual evidence

Record the bank account, transaction reference, debit date and description. Obtain the fee advice where it explains the service or period. A statement downloaded after month-end may include later transactions, so distinguish the reporting cut-off from the download date.

Check whether the bank feed has already imported the fee and whether anyone entered it manually. An apparent missing item may instead be a duplicate or an entry in a different account.

Ask the period question explicitly

The charge date, service period and approved accounting policy can affect the review. Give the accountant the facts rather than deciding solely from the date printed on a screenshot. Keep any proposed accrual or later-period treatment clearly documented with the approval.

Example: a charge debited on the second day

The company sees a bank fee on 2 November when reviewing its October reconciliation. The advice refers to an earlier service period. Record both dates and ask the accountant how the reporting cut-off should be handled. Do not backdate the bank transaction itself to make it appear on the October statement.

Reconcile any adjustment once

If an adjustment is approved, link it to the underlying charge and explain how it is cleared or matched later. Check that an automatic feed will not create a second expense. Re-run the bank and relevant ledger reconciliations after posting.

Keep the explanation available

Retain the statement, fee advice, approved treatment and resulting reconciliation. Small recurring fees can reveal a process problem if they are repeatedly missed. IRAS’s recordkeeping guidance requires records that explain transactions, so the company should be able to show why the item was recorded in the selected period.

Related practical guidance

For the surrounding records and responsibilities, see bookkeeping basics, company records to keep, bookkeeping and accounting.

Official guidance: IRAS official guidance.

Help with your company records

For accounting, bookkeeping and related compliance support, contact Raffles Corporate Services at [email protected] or WhatsApp +65 8501 7133. Tell us which records or process need attention so we can discuss the relevant next steps.