I am I correct to think there is no default way to record interest received from a bank? I need to create a nominal code? But then its just listed under sales and if I need to report interest separately to HMRC…
Should I be surprised there isn’t already a built-in code for interest received? If there isn’t!
So “7900 Bank Interest paid” is the correct nominal account? I did see that earlier but was confused that that was for interest I paid the bank, not the bank paid to me. I was looking for Bank Interest received…
No, you should not use 7900 for interest you receive. If there isn’t a code available, then you will need to add a new one. You cannot offset income against costs, you need to record them separately.