Record any charges or interest paid to your bank as bank payments, or purchase payments when pay your suppliers.

Posting bank charges or interest paid out

1. Go to Bank accounts then select Bank Payment.
2. Enter the information to record the account charges or interest paid:

   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 of the interest or charge.
   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 VAT exempt, which is the T2 tax code by default.
   Tax	0.00

   *This information is mandatory

    

3. Click Save then click Close.

• Bank account charges and interest
• Record bank account charges and interest when reconciling your bank
• Post bank interest earned