Bank Charges - Interest vs Late Payment Penalties

Hello! Is there a difference between recording bank interest charges vs late payment charges from vendors such as a utility company? Should they be recorded in two different accounts? 

And then what would be the difference between a penalty from say the gov or an audit, and then a traffic violation? Same account? 

Answer

Bank interest charges are usually posted to an interest expense account, actually all interest charges post to that same account.

A bank fee is usually posted to an account named bank fee expense

A traffic ticket might be paid by the business, but is not a deductible expense in the US, you need to check with the CRA concerning that aspect.  Same for an audit penalty.

Late payment penalties to a vendor are just an expense, use a late fee expense account

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