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Nominal Code

Bookkeeping and Management Accounting help does not have to be specific to the use of Sage 50
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BETTYB
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Nominal Code

Post by BETTYB » 23 Apr 2008, 21:44

Hi everyone,

What nominal code would you recommend that I use for interest charged on a late invoice.

Thanks for replies.
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brucedenney
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Post by brucedenney » 29 Apr 2008, 19:04

4400 Credit Charges is the standard one.
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Post by BETTYB » 29 Apr 2008, 19:19

Sorry, I meant an invoice from a supplier.
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brucedenney
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Post by brucedenney » 29 Apr 2008, 19:42

Is this something you get a lot of?

If not, then use Bank Charges / Interest.
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Post by BETTYB » 01 May 2008, 16:12

No it's not something we have to pay a lot of. I wasn't sure whether it was classed as purchase costs, which along with carriage would be in the same category as purchases. :?
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brucedenney
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Post by brucedenney » 01 May 2008, 22:26

It depends a little on what the invoice is for.

Is it a cost of Sale item or an Overhead?

If a COS then 5400 would seem sensible.

Otherwise create a separate account for it down near bank charges.

You could also post it to whatever nominal code the original invoice went to if you wanted.

It is unusual to incur a lot of these sorts of charges, more detail might help narrow down the options.
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Post by BETTYB » 02 May 2008, 18:13

The original invoice was from a now ex supplier for stock, who because we paid late charged us interest. We paid the original cost but they still insisted on the interest, saying that we had broken the agreement.
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