nominal code for interest received
Posted: 26 Sep 2019, 23:42
Hello,
I have to record interest on a loan made by our company to other company. I was looking for help on Sage website and I found under 'Record a loan made to another party' the following:
'7903/4910 Loan Interest Received Profit and Loss Overheads/Sales
The nominal code you use for loan interest received depends if you want the interest to appear as a sale or an overhead.'
I am confsed. Does it mean that interest received can be recorded using n/code 7903 or it is a 'typo' and I should use a revenue code 4XXX?
Thanks
I have to record interest on a loan made by our company to other company. I was looking for help on Sage website and I found under 'Record a loan made to another party' the following:
'7903/4910 Loan Interest Received Profit and Loss Overheads/Sales
The nominal code you use for loan interest received depends if you want the interest to appear as a sale or an overhead.'
I am confsed. Does it mean that interest received can be recorded using n/code 7903 or it is a 'typo' and I should use a revenue code 4XXX?
Thanks