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Post Info TOPIC: Sage Instant accounts- question regards entering bank compensation
Rog101


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Sage Instant accounts- question regards entering bank compensation
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Hi,

I'm new here & wonder if anyone can help me?

I'm also fairly new to using sage instant accounts too, I did a course a few years back, and took the online course that came with the program...so I'm ok with most basic tasks

But I've come against a issue, and no matter how much I search in help or on-line I can't find the answer

 

We've got some compensation back from our bank for bad service, but I can't figure out how to enter it on sage...I'm guessing it's through the Bank module, but I'm really not sure.

If anyone could help in anyway, I'd be most grateful!!

 

With Thanks

Roger

 



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Rhianrach


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Hi Roger

I would be tempted to highlight the bank it's going back into and click at the top bank receipt. From there put in the date and a reference from the statement and put it to bank charges (7901 on my system) as it appears to be a reversal of charges. Put a brief description of what it is in description. Now here's the debatable bit, I would put the whole figure in and put it to vat code T9, but some people may do that bit differently and put it to T0.

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Steve
Cheshire


Master Book-keeper

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I agree with Steve in terms of process, nominal code and yes T9.

Also worth remembering Roger that if you get a Bank payment that isnt to a supplier - you use the same method - highlight Bank and use the 'payment' icon eg for wages, payments to HMRC etc.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Rog101


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Thank you both Steve & Joanne for you advice...all fixed now

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