Question about how to post something - simple I think?

[prl]

Is it a fee (expense) or a deposit (asset)?

IMO, if you end up with a $25 starting balance in the bank account, it's 
an asset, not a fee, even if the only way for you to access it is to 
close the account (i.e. the account has a $25 minimum balance), and you 
don't need any other accounting for it, apart from a transfer to the 
GnuCash bank account from your wallet account, or however you account 
for petty cash/cash in hand.

If you pay the bank $25, and it doesn't appear in your bank account 
balance, but the bank returns it if you close the account, then it's an 
asset, but you probably should have a separate GnuCash account for it 
from your bank account in GnuCash, otherwise your GnuCash account will 
be out by $25 whenever you reconcile. The Credit Union I use in 
Australia operates like this - to be able to open an account, you have 
to buy a AUD10 share in the Credit Union. This AUD10 is returned to you 
if you close all your accounts and cease to be a member/shareholder, but 
the share value is not included in any account balance.

If you just pay $25 and can never get it back from the bank, it's an 
expense.

Peter

On 15/04/12 11:18, SybreedFan wrote:
> I recently opened a business account at a bank. The opening deposit fee
> required is $25.00.
>
> I would like to post this to my expense account "bank fees", but also show
> the $25.00 going into my asset account "savings". The $25.00 technically
> came from cash in hand. Most importantly I want to be able to show this as
> an expense, and keep my account balances accurate.
>
> I am probably overthinking it with everything I've tried. Help?
>
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