[bee3tee]

Hello,

My company recently set up a $20,000 overdraft with the bank, at the following terms: 16% Interest APR, 1% Management Fee and 1% Commitment Fee. Upon set up of the overdraft, the bank immediately took the entire 1% Management Fee and 1% Commitment Fee from our Account.
Please how do I journalize this transaction?

[paraclete]

Would seem to be simple, the two components of the entry are Bank and Bank Fees, so the charge against the bank account is a credit, money you owe to the bank and the charge against expense is a debit, money you have expended in the current accounting period the rest is simple mathematics