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When reconciling your bank

1. Click Bank accounts then select the required bank account and click Reconcile.
2. In the Statement Summary enter the information as required, including - View details >

   Interest Earned

   Amount	The amount for the bank interest earned.
   Date	The current program date appears by default. If required, enter a new date for the interest.
   NC	Enter the nominal code for bank interest earned. Interest received is classed as income so the nominal code should be included in the Income section of the Profit and Loss area of the Chart of Accounts, which includes the Sales nominal codes. If you're using the Sage default nominal structure this should be in the range 4900 to 4999.
   TC	Leave this as T9.

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   Account Charges

   Amount	The amount for your bank account charges.
   Date	The current program date appears by default. If required, enter a new date for the charges.
   NC	Enter the Bank Charges nominal code, 7901 by default.
   TC	Leave this as T2. Bank charges and interest paid are classed as being VAT exempt. Therefore, you should post your transaction using the exempt tax code, by default T2.

   If you want to enter interest paid, you can post this as account charges, using the bank interest paid nominal code, 7900. Alternatively, post a Bank Payment - for further help with this please refer to the section Post bank charges or interest paid below.

    

3. Complete the bank reconciliation as required then click Reconcile.
   
   When you choose Reconcile, a bank receipt and bank payment post for your bank interest earned and bank account charges.

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Posting bank charges or interest paid

1. Click Bank accounts then click Bank Payment.
2. Enter the information to record the account charges or interest paid - View details >

   Bank*	Enter the nominal code for the required bank.
   Date*	The current program date appears by default. If required, enter a new date, for example, the date the interest or charge was paid.
   Ref	Enter a reference for the transaction here, for example, IntPd.
   N/C*	Enter the required nominal code: Bank Interest Paid - nominal code 7900 by default. Bank Account Charges - nominal code 7901 by default.
   Details	You can enter any text of up to sixty characters to identify the payment.
   Net	Enter the amount.
   T/C*	Enter T2. Bank charges and interest paid are classed as being VAT exempt. Therefore, you should post your transaction using the exempt tax code, by default T2.
   Tax	0.00

   
   *This information is mandatory

    

3. Click Save then click Close.

 

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Posting bank interest earned

1. Click Bank accounts then click Bank Receipt.
2. Enter the information to record the interest you received - View details >

   Bank*	Enter the nominal code for the bank that received the interest.
   Date*	The current program date appears by default. If required, enter a new date.
   Ref	Enter a reference for the transaction here, for example, IntRec.
   N/C*	Enter the Bank Interest Received nominal code. Interest received is classed as income so the nominal code should be included in the Income section of the Profit and Loss area of the Chart of Accounts, which includes the Sales nominal codes. If you're using the Sage default nominal structure this should be in the range 4900 to 4999.
   Details	You can enter any text of up to sixty characters to identify the receipt.
   Net	Enter the amount of interest received.
   T/C*	Enter T9.
   Tax	0.00

   
   *This information is mandatory.

    

3. Click Save then click Close.

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Posting charges by sales receipt or purchase payment - v24.2 or above only

In Sage 50 Accounts v24.2 or above only, any bank charges relating to specific receipts or payments can be entered at the same time as that receipt or payment. Read more >

[BCB:183:Oli Footer CB with feedback:ECB] [BCB:66:Sales - AutoEntry:ECB] [BCB:99:Limitless - 50 Accounts - Bank:ECB]