diff --git a/contracts/SupplyVault.sol b/contracts/SupplyVault.sol
index 0e6e2c74..a157dfee 100644
--- a/contracts/SupplyVault.sol
+++ b/contracts/SupplyVault.sol
@@ -56,7 +56,7 @@ contract SupplyVault is ERC4626, Ownable2Step, ISupplyVault {
     uint256 public timelock;
 
     /// @dev Stores the total assets owned by this vault when the fee was last accrued.
-    uint256 lastTotalAssets;
+    uint256 public lastTotalAssets;
 
     ConfigSet private _config;
 
diff --git a/test/forge/BaseTest.sol b/test/forge/BaseTest.sol
index f4a71433..382436cc 100644
--- a/test/forge/BaseTest.sol
+++ b/test/forge/BaseTest.sol
@@ -9,6 +9,8 @@ import {UtilsLib} from "@morpho-blue/libraries/UtilsLib.sol";
 import {ERC20Mock as ERC20} from "contracts/mocks/ERC20Mock.sol";
 import {OracleMock as Oracle} from "contracts/mocks/OracleMock.sol";
 
+import {WAD} from "@morpho-blue/libraries/MathLib.sol";
+import {Math} from "@openzeppelin/contracts/token/ERC20/extensions/ERC4626.sol";
 import {SupplyVault, IERC20, ErrorsLib, Pending, MarketAllocation} from "contracts/SupplyVault.sol";
 import {Morpho, MarketParamsLib, MarketParams, SharesMathLib, Id} from "@morpho-blue/Morpho.sol";
 
diff --git a/test/forge/FeeTest.sol b/test/forge/FeeTest.sol
index f86d4c6d..9c882ec6 100644
--- a/test/forge/FeeTest.sol
+++ b/test/forge/FeeTest.sol
@@ -4,9 +4,10 @@ pragma solidity ^0.8.0;
 import "./BaseTest.sol";
 
 contract FeeTest is BaseTest {
+    using Math for uint256;
     using MarketParamsLib for MarketParams;
 
-    uint256 internal constant FEE = 0.1 ether; // 10%
+    uint256 constant internal FEE = 0.1 ether; // 10%
 
     function setUp() public override {
         super.setUp();
@@ -24,21 +25,64 @@ contract FeeTest is BaseTest {
         vm.stopPrank();
     }
 
-    function testShouldMintSharesToFeeRecipient(uint256 amount) public {
+    function testLastTotalAssets(uint256 amount) public {
+        amount = bound(amount, MIN_TEST_AMOUNT, MAX_TEST_AMOUNT);
+
+        _setFee();
+
+        assertEq(vault.lastTotalAssets(), 0);
+
+        vm.prank(SUPPLIER);
+        vault.deposit(amount, SUPPLIER);
+
+        // Update lastTotalAssets
+        vm.prank(SUPPLIER);
+        vault.withdraw(10, SUPPLIER, SUPPLIER);
+
+        assertEq(vault.lastTotalAssets(), amount);
+    }
+
+    function testAccounting() public {
+        uint256 amount = MAX_TEST_AMOUNT;
+
         _setFee();
 
+        assertEq(vault.lastTotalAssets(), 0);
+
+        vm.prank(SUPPLIER);
+        vault.deposit(amount, SUPPLIER);
+
+        // Update lastTotalAssets
+        vm.prank(SUPPLIER);
+        vault.withdraw(10, SUPPLIER, SUPPLIER);
+
+        // supplier balance 9999999999999999999999999988
+        // fee recipient balance 1111111111111111111111111111
+        console2.log("supplier balance", vault.balanceOf(SUPPLIER));
+        console2.log("fee recipient balance", vault.balanceOf(FEE_RECIPIENT));
+    }
+
+    function testShouldMintSharesToFeeRecipient(uint256 amount) public {
         amount = bound(amount, MIN_TEST_AMOUNT, MAX_TEST_AMOUNT);
 
+        _setFee();
+
         vm.prank(SUPPLIER);
         uint256 shares = vault.deposit(amount, SUPPLIER);
 
-        _borrow(allMarkets[0], amount / 2);
+        uint256 lastTotalAssets = vault.lastTotalAssets();
 
         vm.warp(block.timestamp + 365 days);
 
+        uint256 totalAssetsAfter = vault.totalAssets();
+        uint256 interest = totalAssetsAfter - lastTotalAssets;
+        uint256 feeAmount = interest.mulDiv(FEE, WAD);
+        uint256 feeShares = feeAmount.mulDiv(vault.totalSupply() + 1, totalAssetsAfter - feeAmount + 1, Math.Rounding.Down);
+
         vm.prank(SUPPLIER);
-        vault.redeem(shares / 3, SUPPLIER, SUPPLIER);
+        vault.redeem(shares / 10, SUPPLIER, SUPPLIER);
 
         assertGt(vault.balanceOf(FEE_RECIPIENT), 0, "fee recipient balance is zero");
+        assertEq(vault.balanceOf(FEE_RECIPIENT), feeShares, "fee recipient balance");
     }
 }