You can record your bank charges and interest:

• When you import from a bank feed or statement
• When you reconcile your bank account
• Or as a manual receipt or payment

Before you start

Decide which ledger accounts to use to track your bank interest and charges. If you use the default chart of accounts (COA), the appropriate ledger accounts are:

• 7900 - Bank Charges
• 7910 - Bank Interest Paid
• 4410 - Bank Interest Received

Set these in the transaction settings to ensure Sage Accounting selects the correct ledger accounts automatically:

1. From Settings, choose Business Settings.
2. Select Record and Transaction Settings.
3. Update the following:
   • Bank Charges: Select the default ledger account (7900)
   • Bank Interest Paid: Select the default ledger account (7910)
   • Bank Interest Received: Select the default ledger account (4410)
4. Select Save.

From a bank feed, or imported statement

We include bank charges and interest with all other transactions imported from a bank feed or bank statement.

The charges could be:

• As separate transactions for interest and fees charged for the whole account
• The amount of a payment or receipt adjusts to reflect the charges. This can happen because of a conversion from another currency. It can include processing fees from a third party such as PayPal

Separate transactions

1. From the incoming transactions page, choose the ledger account for Charges and Interest.
2. Select Create.

Adjusted receipt or payment

1. From the incoming transactions page, choose Match.
2. Find the invoice to pay.
3. Change the payment amount to match the invoice amount.
4. Select Make Adjustment.
5. Enter the details for the bank charges. Select Add and then Match.

When you reconcile your bank account

1. From the Bank Reconciliation page, choose Interest and Charges.
2. Enter the details of the interest or charges.
3. Select Save.

As a manual payment or receipt

For paying interest and charges

1. From Banking, choose New.
2. Select Purchase / Payment, then Other Payment.
3. Enter the details. You must enter the following:

4. Select Save.

For interest received

1. From Banking, choose New.
2. Select Sales / Receipt, then Other Receipt.
3. Enter the details. You must enter the following: 

4. Select Save.