Bank compensation fee

How-to
1

Hi

I have recently received a credit to my business account from the bank itself. I lodged a complaint and it was their way of compensating me.

I have input a new ‘money in’ transaction under the current account screen and used the nominal code for goodwill however my balance sheet shows it as a liability. Is this correct?

Thanks in advance

Ash

2

Goodwill is more something you purchase when you buy another business. I’d have tagged it as miscellaneous income or something like that, or maybe you can treat it as a credit against your bank charges (ask an accountant if you want a proper opinion).

1 Like
3

Knock it off against bank charges

4

I’d say that counts as a proper opinion :wink:

5

lol defo. At present I receive free banking. does that change the answer?

6

Other Income will do

7

thank you both for your help :slight_smile:

8

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