I had to take a Customer to court for non-payment of £1000.00 being part of an invoice to them. I represented my own Company without a solicitor. I received judgement against the Customer and costs were awarded of a total of £204.79. I eventually received payment direct into the Company account of £1204.79. I’ve split that in the current account 2 payments of £1000.00 and £204.79 and deleted the record of £1204.79. I’ve then tagged the £1000.00 as the final payment against the Customer’s invoice and am left with the entry into the current account of £204.79 still to tag. My issue is I’m not sure how to tag it. Any advice?
I am not an accountant, but I guess you’d use “something not on this list” and tag to maybe “miscellaneous income”. Presumably you’ll already have tagged the various costs to purchase invoices at the time they were incurred.
Yes, thanks, I suppose I could put it down to ‘Miscellaneous Income.’ All costs to us have been tagged one way or another eg. the payment of £115 to the small claims court was tagged to ‘Legal Fees’.