What is required to be entered into the software aside from the balances after reviewing your statement?

In personal finance management, when reviewing your bank statement and entering data into financial software, it's important to reflect all transactions that impact your account balance. Service fees are often incurred and can affect your overall financial standing. By entering service fees, you ensure that your records are accurate, reflecting not just the deposits and withdrawals but also the costs of maintaining your accounts.

This provides a clearer picture of your financial situation and helps in budgeting and tracking expenses. Ignoring service fees could lead to overestimating your available funds, which can result in financial mismanagement. Properly accounting for these fees helps in understanding the true cost of banking services and can guide future decisions regarding account management, such as switching to a more cost-effective bank or account type.

Other choices like loan payments, interest payments, and refunds are important, but service fees are particularly vital for capturing the ongoing costs associated with maintaining your banking relationship.