Other Expenses in Income Statement

Question

Hello, in the 2024 Jan - Dec income statment there is an item at the bottom "Other Expenses Bank Charges/Interest Expense $592.20".  However, I couldn't find this account in the Account List under Find Transaction. Besides, I have always posted Bank Charges to an expense account "Bank Charges 6-4001".  Secondly, $592.20 cannot be a correct amount for bank charges, which are usually less than $200.  Can someone please guide me how to locate "Other Expenses Bank Charges/Interest Expense"? Thank you so much in advance.

Princess_R · Accepted Answer

Hi @PennyLee,

If that $592.20 looks suspiciously high, it might be due to a misclassification or a bunch of small charges bundled together. Here’s what to check: sometimes the 'other expense' account isn’t obvious in the account list because of how it’s set up. Also, your income statement might group expenses under a broad heading like "other expense." To dig deeper, take a good look at your account list or click on the amount on your statement—it should take you to the specific transaction details.

If you can't still find the account, you can chat with our awesome team through our virtual assistant MOCA or create a support ticket via MyAccount.

Cheers,

Princess