Tagging Currency charges

Accounting
1

I just realised I’ve been tagging currency charges in two different ways, and I should make it consistent, but not sure which is right so that my tax return figures are correct.

  1. I initially tagged them as a purchase (seeing as they are for a regular monthly subscription I have), with the Supplier listed as my bank and the Category as ‘Currency Charges’

  2. The second way I started using was choosing ‘Something else not on this list’ and then ‘Currency charges’ – nominal account 7902.

I believe they should all count as legitimate expenses to be included in my calculations for expenses on my tax return, but which method is correct to ensure that?

Thanks!

2

Hi @hannahbeatrice

The second method you are using should be fine to carry on with in the future. However, if you are still unsure, please contact your accountant for further advice.

3

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