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Sage - Bank Account, Nominal and T codes

Discussion in 'Accounts & Finance' started by Helen74, Sep 23, 2010.

  1. Helen74

    Helen74 UKBF Regular Free Member

    Posts: 7 Likes: 0
    Hi,

    I am looking for confirmation that the following is correct or if not what I should be doing ?

    I have posted the bank charges from our statement to sage's nominal code 7901 (bank charges) with the tax code T2.

    I have now got to post the interest received (Gross) and believe I have to post it to sage's nominal code 7900 (bank interest paid) but am unsure what T code to give it.

    If anyone could clarify and advise on this for me it would be much appreciated.

    Thanks
  2. BudgetB

    BudgetB UKBF Newcomer Free Member

    Posts: 75 Likes: 13
    Interest would be on whatever T code Sage uses for outside the scope of VAT.
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  3. Helen74

    Helen74 UKBF Regular Free Member

    Posts: 7 Likes: 0
    Thank you - T9 is the code sage uses for outside the scope of vat. :)
  4. David Griffiths

    David Griffiths UKBF Regular Moderator

    Posts: 9,954 Likes: 3,160
    Why would you post interest received to an account for interest payable?

    There should be a separate code of interest received - somewhere around 4100. Bank interest is exempt, not outside the scope of VAT, not that it matters for small amounts
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  5. Experienced IT guy

    Experienced IT guy UKBF Contributor Free Member

    Posts: 417 Likes: 102
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  6. Helen74

    Helen74 UKBF Regular Free Member

    Posts: 7 Likes: 0
    David, Thanks for your post, I actully meant to say bank interest paid (not sure why I put "received" must have been having a moment!!) I shall code all bank interest to T2 as this is sage's T code for all things exempt as per your sound advice. Sorry about the confusion and once again thanks for your help.
  7. David Griffiths

    David Griffiths UKBF Regular Moderator

    Posts: 9,954 Likes: 3,160
    You wouldn't be the first to put interest received into 7901. It's one of the standard things that I look at in Sage because so many people do it. Of course these days it's only pennies :(
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