How To Assign Interest/Fees for Child Trust Fund Shares

Accounting
1

Hello,

I am a sole trader and my child trust fund has interest and service fees, and I wanted to know how to account for and assign the interest and fees in Quick File?

I was thinking about adding a bank account called Child Trust Fund and simply adding the interest as income and the fees as expenses, but I would appreciate it if someone could advise if there is a better solution for this.

Thank you,
Bharat

2

If you haven’t already I’d ask your accountant about this as I’d be surprised if a child trust fund counts as business rather than personal income/expense.

1 Like
3

I just noticed this reply. Thank you for the suggestion Ian.