interest received (nominal code)?

[Kevin18]

Hi hope someone can help...

I am self employed and have been receiving small amounts of interest into my bank, can somebody tell me what nominal code and tax code to use to record in Sage Line 50 2011 accounts software? I used to input as a suspense when reconciling but the new 2011 version is different?

Thanking you in advance

 

[MyAssistantNY]

Hi Kevin

Easy option would be to post it to Miscellaneous income (should be 4900) and narrate it as bank interest received.

Second option would be to create a new nominal code (I would suggest in the 49 range) called Bank interest received.

Hope this helps!

Vik

 

[Kevin18]

Hi Vik thanks for your swift reply. Can you please let me know what T code I should use to record the bank interest?

Thank you

 

[johndon68]

Can you please let me know what T code I should use to record the bank interest?

T9 as it is outside the scope of VAT.

John

 

[MyAssistantNY]

Hi Kevin

Sorry, haven't had a chance to get on here til now but seen that John has kindly stepped in and replied.

Hope you're now sorted!

Vik